EURUSD and GBPUSD: The Euro Stopped At The 0.98700 Level
- Yesterday, the euro stopped at the 0.98700 level, after which it began to retreat.
- During the Asian trading session, the pound failed to climb above the 1.14000 level, followed by a pullback below the 1.13000 level.
EURUSD chart analysis
Yesterday, the euro stopped at the 0.98700 level, after which it began to retreat. Now we are following the 0.98000 level because here, we could have some support that could once again give a new bullish impulse. If the euro does not have the strength for such a thing, we will see a break below 0.98000 and a continuation of the decline until the next lower support.
Potential lower targets are 0.97500 and 0.97000 levels. For a bullish option, we need a new positive consolidation and a return to the 0.98500-0.98750 zone. Going over it would be of great help to us as well as staying in that zone. After that, the euro could continue its recovery with a new bullish impulse. Potential higher targets are 0.99000, 0.99500, and 1.00000 October high.
GBPUSD chart analysis
During the Asian trading session, the pound failed to climb above the 1.14000 level, followed by a pullback below the 1.13000 level. Today’s minimum is at the 1.125000 level. The pound is making a minor recovery to the 1.12800 level, and you are trying to form a new low at the 1.125000 level.
We need negative consolidation and a drop below this morning’s low for a bearish option. After that, we would probably see the pound fall further. Potential lower targets are 1.12000 and 1.11000 levels. For a bullish option, we need a new positive consolidation and a return to the zone around 1.14000 levels. Then it would be necessary to hold on there and continue with the bullish trend with a new impulse. Potential higher targets are 1.15000 and 1.16000 levels.
