- Yesterday EURUSD managed to recover somewhat, rising to 1.09730 levels.
- Yesterday we saw a jump in GBPUSD to the 1.27300 level, a place to test the price as of the market open this week.
EUR/USD chart analysis
Yesterday EURUSD managed to recover somewhat, rising to 1.09730 levels. We stopped there and started the downward consolidation that continued today. During the Asian trading session, the pair broke below 1.09450 and fell to 1.09000 this morning. We were able to stop there and go back up, moving to the 1.09170 level. This could be the beginning of a new positive consolidation and recovery for the Euro. Possible higher targets are 1.09400 and 1.09600 levels.
We will have additional pressure on EURUSD at the EMA50 around 1.09800 levels. For the bearish option, we need to go below the support area and form a new low. This would confirm the bearish momentum and the continuation of the decline on the downside. Possible lower targets are 1.08800 and 1.08600 levels.
GBPUSD chart analysis
Yesterday we saw a jump in GBPUSD to the 1.27300 level, a place to test the price as of the market open this week. We are facing resistance in that area and are back at the 1.26600 level this morning. Right now, we have support at this level, but we are still under pressure. This would lead to a drop below the support level, and thus we may form a new low in two days.
Additional pressure is also generated by the EMA50 from the upside. Possible lower targets are 1.26400 and 1.26200 levels. We need a positive consolidation and a return to the 1.27000 level for a bullish option. This will allow us to rise above the EMA 50, which may continue to influence the GBPUSD movement positively. Possible higher targets are 1.27200 and 1.27400 levels.
