EURUSD and GBPUSD: The Euro is trying to recover
- During the Asian trading session, EURUSD rose to the 1.07373 level.
- During the Asian trading session, GBPUSD jumps up to 1.21478 levels.
EURUSD chart analysis
During the Asian trading session, EURUSD rose to the 1.07373 level. The pair did not stay there for long, and a pullback to the 1.06700 level followed. For now, we manage to stay above it, but bearish pressure prevails again. In that case, EURUSD could slip to 1.06400, the previous support level.
EMA 50 moving average is in the zone around 1.06200 levels. We need a new positive consolidation and a euro return above the 1.07000 level for a bullish option. Then we also need to maintain ourselves up there in order to consolidate better and start the continuation of the recovery. Potential higher targets are 1.07250 and 1.07500 levels.
GBPUSD chart analysis
During the Asian trading session, GBPUSD jumps up to 1.21478 levels. Instability in the American financial system and the bankruptcy of a couple of important American banks caused the dollar to bow at the beginning of the Asian session. The dollar index managed to consolidate, and the GBPUSD began to retreat.
The pound is now at the 1.02500 level, and we are now trying to find new support here. If we fail to do so, we will see a continued pullback to the 1.20000 level. We need a positive consolidation and a return above the 1.21000 level for a bullish option. After that, we could expect to try again to reach the 1.21500 level. Potential higher targets are 1.21750 and 1.22000 levels.
