EURUSD and GBPUSD: Euro trying to stay above 1.06200
- During the Asian trading session, EURUSD encounters resistance in the zone around 1.06500 levels.
- During the Asian trading session, GBPUSD only climbed to 1.20500 levels.
EURUSD chart analysis
During the Asian trading session, EURUSD encounters resistance in the zone around 1.06500 levels. After which, we see a bearish consolidation into a pullback to the 1.06300 level. We are back again to the starting position from the beginning of the stock exchange’s opening last night. For a bearish option, we need a break below that level, and then we could expect EURUSD to go down to the 1.06000 level. This is where we would test the support we had on Friday. For a bullish option, we need a new positive consolidation and a return of EURUSD to the resistance zone of 1.06500. Then we need a breakout above and try to stay up there. If we succeed in this, the pair could start the continuation of the recovery. Potential higher targets are 1.06750 and 1.07000 levels.
GBPUSD chart analysis
During the Asian trading session, GBPUSD only climbed to 1.20500 levels. The pair finds support there and retreats to the 1.20200 level. We managed to stay above, and the bearish trend is stopped for now. We need a new positive consolidation and a return to the 1.20500 level for a bullish option. Next, we need a breakout above and try to hold up there. If we manage to do that, we will be in a good position to trigger the further recovery of the pound. Potential higher targets are 1.20800 and 1.21000 levels. We need a negative consolidation and a drop below the 1.20200 support level for a bearish option. After that, we would probably retest the 1.20000 level, and a break below that would be a sign of a further decline in the pound’s value against the dollar.
