EURUSD and GBPUSD: The euro slips below 1.06000
- During the Asian trading session, EURUSD was trading just below the 1.06000 level.
- The GBPUSD fell once again to the 1.20000 level yesterday.
EURUSD chart analysis
During the Asian trading session, EURUSD was trading just below the 1.06000 level. Yesterday, the euro formed a new lower low at the 1.05770 level. Today we see a continuation of the negative consolidation, and we could soon fall back to that level. New pressure down there would probably lead to a continuation of the euro’s retreat and a drop to a lower level of support. Potential lower targets are 1.05500 and 1.05250 levels.
We need a positive consolidation and a euro jump to the 1.06250 level for a bullish option. With that, we would try to move out of the uncomfortable zone. Then we need a break above and a new bullish impulse to continue the recovery. Potential higher targets are 1.06500 and 1.06750 levels.
GBPUSD chart analysis
Pair GBPUSD fell once again to the 1.20000 level yesterday. During the Asian trading session, the pair manages to recover to the 1.20500 level. At the beginning of the European session, there was new pressure on the GBPUSD, and the pound retreated to the 1.20200 level. If the negative consolidation continues, we could retest the 1.20000 level. A break below would mean further descent to the next support level.
Potential lower targets are 1.19500 and 1.19000 levels. We need a positive consolidation and a move to the 1.21000 level for a bullish option. Then we need to hold on there and start further recovery with the next impulse. After that, potential higher targets are 1.21500 and 1.22000 levels.
