- Yesterday we saw the EURUSD decline to the support level of 1.08677, after which the pair began to consolidate upwards and recovered to the 1.09558 levels.
- This week we have seen a continuous uptrend for GBPUSD from 1.26600 to 1.28200 levels.
EUR/USD chart analysis
Yesterday we saw the EURUSD decline to the support level of 1.08677, after which the pair began to consolidate upwards and recovered to the 1.09558 levels. We paused there but remained higher during the Asian session above the 1.09450 level. At the beginning of the EU session, the Euro started to weaken, and thus EUR/USD started to decline. This led to a decline to a new daily low at 1.09300.
We are holding above this level for now, but we are still under bearish pressure. Possible lower targets are 1.09200 and 1.09000 levels. If we stay above this support, we expect to see a return to the 1.09500 level. We will have a new opportunity to try to move above the 1.09600 level and thus form a new weekly high. Possible higher targets are 1.09700 and 1.09800 levels.
GBPUSD chart analysis
This week we have seen a continuous uptrend for GBPUSD from 1.26600 to 1.28200 levels. This week's high was formed this morning in the Asian session. At the beginning of the European trading session, the pair rose again and tested the highest level recorded this morning. We expect a breakout to the upside and growth to a new high. Possible higher targets are 1.28400 and 1.28600 levels.
If we fail to break above there, we will look for a pullback, first paying attention to the 1.28000 support level. A break below it increases downward pressure on the pound to look for new support. Possible lower targets are 1.27800 and 1.27600 levels. EMA200 fell at 1.27000 level.
