- On Friday we saw a strong decline in EURUSD during the US session from 1.08800 to 1.07800.
- On Friday, during the EU session, GBP/USD was very optimistic that it could continue to grow further.
EUR/USD chart analysis
On Friday we saw a strong decline in EURUSD during the US session from 1.08800 to 1.07800. During the Asian session, the pair continued to move in that support area, forming a new low at 1.07674. The euro remains under pressure from the strength of the dollar, and we could see a continued decline in the euro against the US dollar. Possible downside targets are 1.07600 and 1.07400 levels.
We need positive consolidation and a move above 1.08000 for a bullish option. There, we need to form a bottom from which the pair can start to recover. A new bullish impulse could be a good indicator that we are heading in this direction. Possible higher targets are 1.08200 and 1.08400 levels. In the area around 1.08400, we faced the EMA200 moving average, which in the past weeks did not allow us to start a serious recovery.
GBPUSD chart analysis
On Friday, during the EU session, GBP/USD was very optimistic that it could continue to grow further. With the start of the American session, the problems for the pound began. Positive news for the dollar caused the pair to decline from 1.27725 to 1.26200, closing the previous week at 1.26400. During the previous Asian session, the pair fell to a two-week low of 1.25988.
The approach to the EU session stabilized the GBPUSD pair, managing to form a bottom and start a slight recovery. We are now at 1.26260 and expect to see a rise to 1.26400 and a test of the price from the market open last night. A break above that would significantly increase the chances of further recovery; Possible higher targets are 1.26600 and 1.26800 levels. The EMA200 moving average is located in the area around 1.26900 levels.
