EURUSD and GBPUSD: the euro remains under bearish pressure

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EURUSD and GBPUSD: the euro remains under bearish pressure

  • During this morning’s Asian trading session, we saw bearish pressure on EURUSD and a pullback from 1.08675 to 1.08460
  • GBPUSD started a new pullback this morning during the Asian session and formed a daily low at 1.30100

EURUSD chart analysis

During this morning’s Asian trading session, we saw bearish pressure on EURUSD and a pullback from 1.08675 to 1.08460. At this level, the pair manages to hold for now and recover slightly to the 1.08550 level and the EMA 50 moving average. EURUSD needs to move back above the moving average if we want to see a return to the bullish side. After that, we can hope for a return above the daily open level to the positive side.

Potential higher targets are 1.08800 and 1.08900 levels. For a bearish option, we need a negative consolidation and a move down to 1.08400. With that step, we will form a new daily low and confirm the strengthening of the bearish momentum. After that, it remains for the pair to start a further retreat to new support. Potential lower targets are 1.08300 and 1.08200 levels.

 

GBPUSD chart analysis

GBPUSD started a new pullback this morning during the Asian session and formed a daily low at 1.30100. After that, the pair recovered to 1.30250 and is on its way to test the EMA 50 moving average in the 1.30300 zone. The pound remains under bearish pressure, which could trigger a bearish consolidation. This brings us back to this morning’s low and strengthens the bearish momentum of GBPUSD for further retreat.

Potential lower targets are 1.30000 and 1.29900 levels. If the pound manages to stabilize above the EMA 50 moving average, it will increase the chances of starting a bullish consolidation. After that, we expect a return to the daily open level and a break above to the positive side. Potential higher targets are 1.30500 and 1.30600 levels. A more serious higher resistance GBPUSD could have in the EMA 200 moving average around 1.30600 levels.

 

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