- Yesterday we saw a strong downtrend for EURUSD at 1.09427.
- Yesterday morning, the pound sterling against the US dollar rose to the level of 1.28035 and formed the highest weekly level there.
EUR/USD chart analysis
Yesterday we saw a strong downtrend for EURUSD at 1.09427. This pair fell to the level of 1.08550 by the end of the day. During the Asian trading session, the bearish scenario continued, and the euro fell to the level of 1.08140. We are still under strong downward pressure, and if we do not find support soon, we will find ourselves at lower levels. Possible lower targets are 1.08100 and 1.08000 levels.
For a bullish option, we need to find the support level first. Then let's stay above it, ideally back above 1.08400. We had a previous swing there before we hit the weekly low. After that, we can expect the Euro to gather strength and begin to recover. Possible higher targets are 1.08500 and 1.08600 levels.
GBPUSD chart analysis
Yesterday morning, the pound sterling against the US dollar rose to the level of 1.28035 and formed the highest weekly level there. After that, the pound began to decline, which continued throughout the day until it reached the 1.26500 level. At the beginning of the Asian trading session, the pair tried to start a recovery but quickly stopped at the 1.26750 level. From there, we start further decline and fall to the 1.25848 level.
We expect continued pressure on the pound and its decline to a new weekly low. Possible lower targets are 1.25800 and 1.25700 levels. For the bullish option, we need to get back above the 1.26000 level. There will be a good situation to form a bottom from which we can start a new upward consolidation. Possible higher targets are 1.26100 and 1.26200 levels.
