EURUSD and GBPUSD: The euro slips below the 1.10000 level
- On Monday, EURUSD advanced to the 1.10500 level.
- The pound rose to 1.26690 levels yesterday for the first time in almost a year.
EURUSD chart analysis
On Monday, EURUSD advanced to the 1.10500 level. There we encountered resistance, and the pair started to retreat. The decline continued during the Asian trading session. So this morning, a low was formed at the 1.09725 level. For now, the euro is managing to stop the decline, and we are maintaining a little above that level.
The pressure has shifted to the 1.09500 level, and we could soon test that support level. If there were a breakout below, EURUSD would have the opportunity to test the line of this rising channel in the zone around the 1.09250 level. We need a positive consolidation and a return to the 1.10000 level for a bullish option. Then we need a break above and to try to hold up there, and with a new impulse, we would start a further recovery.
GBPUSD chart analysis
The pound rose to 1.26690 levels yesterday for the first time in almost a year. We did not stay above for long, and the pair started a pullback to the 1.26000 level. We are currently managing to hold above that support level. For a bullish option, we need a continuation of the last positive consolidation and a move to the 1.26500 level.
Then we need to maintain ourselves there before we start further recovery. Potential higher levels are 1.26750 and 1.27000 levels. We need a pullback and new pressure on the 1.26000 level for a bearish option. A break below would mean the pair could continue its retreat. And potential lower targets are 1.25750 and 1.25500 levels.