EURUSD is down to 1.07550, and GBPUSD is down to 1.25400
- This week, EURUSD was in retreat from 1.08833 to 1.07550 level.
- This week, the pair GBPUSD was in bearish consolidation from 1.27200 to support at 1.25400.
EURUSD chart analysis
This week, EURUSD was in retreat from 1.08833 to 1.07550 level. From Monday to Thursday, the pair was in constant retreat, only to find support yesterday and initiate a short recovery to the 1.08200 level. There we encounter resistance and pull back again, but now to the 1.07800 level. We get new support there and form a higher low for now. In the previous hour, we saw a bullish impulse and a rise to the 1.07900 level.
We need a positive consolidation and pullback above the 1.08000 level for a bullish option. After that, we expect continued positive consolidation and growth to higher levels. Potential higher targets are 1.08200 and 1.08400 levels. We need a negative consolidation below this morning’s support at the 1.07800 level for the bearish option. A break below would force us to retest the previous low. Potential lower targets are 1.07600 and 1.07400 levels.
GBPUSD chart analysis
This week, the pair GBPUSD was in bearish consolidation from 1.27200 to support at 1.25400. We got support on Thursday, and we are recovering to the 1.26000 level after that. We encounter new resistance in that zone, and additional pressure creates the EMA50 moving average, which triggers a new pullback. The pair is now at 1.25600 and on its way to the previous low at 1.25400. Potential lower targets are 1.25200 and 1.25000 levels.
We need a positive consolidation and a new jump above the 1.26000 level for a bullish option. This would give us the support of the EMA50 moving average. Such a move would be characterized positively, and we could expect to see a recovery of GBPUSD. Potential higher targets are 1.26200 and 1.26400 levels.