EURUSD slips below 1.0900 and GBPUSD below 1.2700 levels
- During the Asian trading session, EURUSD held above the 1.08600 level.
- During the Asian trading session, GBPUSD retreated from 1.27100 levels.
EURUSD chart analysis
During the Asian trading session, EURUSD held above the 1.08600 level. At the beginning of the EU session, we see a breakout below and a drop to the 1.08510 level. The euro is under pressure, and we expect to see a test of the previous low at the 1.08250 level soon. If the current consolidation continues, the pair could easily test that support level today. Potential lower targets are 1.08200 and 1.08000 levels.
We need a positive consolidation for a bullish option that would bring us back above the 1.09000 level. Then, we would have to try to hold up there to wait for a new bullish impulse to continue the recovery. Potential higher targets are 1.09200 and 1.09400 levels. The euro could have additional resistance in the EMA50 moving average in the zone around 1.09200 levels.
GBPUSD chart analysis
During the Asian trading session, GBPUSD retreated from 1.27100 levels. We are currently at the 1.26700 level and under certain bearish pressure to continue pulling back below the 1.26500 level. A pound fall below 1.26500 levels would further strengthen the bearish option. Potential lower targets are 1.26000 and 1.25500 levels.
Additional support for the pound could be found in the EMA50 moving average in the zone around the 1.26000 level. We need a positive consolidation and a return to the 1.27000 resistance level for a bullish option. A move above would positively impact and relieve the pound of bearish pressure. Potential higher targets are 1.27500 and 1.28000 levels.