EURUSD and GBPUSD: The Euro is trying to stay above 1.08300

• During the Asian trading session, EURUSD hovered around 1.08300 levels.
• During the Asian trading session, GBPUSD retreated from the 1.23400 level to the 1.23000 level.

EURUSD chart analysis

During the Asian trading session, EURUSD hovered around 1.08300 levels. We saw one bearish attempt to reach the 1.08200 level, but EURUSD quickly returned to its previous starting position. For a bullish option, we need a continuation of positive consolidation and a move towards the 1.08500 level.

A break and staying above could further push the euro to the next level. Potential higher targets are 1.08800 and 1.09000 levels. We need a negative consolidation and a fall of the EURUSD below the 1.08100 level for a bearish option. After that, we could expect the EURUSD to slide down to the EMA50 moving average. Potential lower targets are 1.07800 and 1.07500 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD retreated from the 1.23400 level to the 1.23000 level. In the European session, the pound gains strength again, and we could soon test yesterday’s high again at the 1.23500 level. If we succeed, GBPUSd would continue the bullish option and could form a new higher high.

Potential higher targets are 1.23750 and 1.24000 levels. We need a negative consolidation and a new pullback below the 1.23000 support level for a bearish option. Potential lower targets are 1.22750 and 1.22500 levels.