- This week we saw the EURUSD decline from 1.09676 levels to 1.08446 on Wednesday.
- On Wednesday we saw GBPUSD fall to a one-year low of 1.25965.
EUR/USD chart analysis
This week we saw the EURUSD decline from 1.09676 levels to 1.08446 on Wednesday. After that, the pair gains support and starts to recover to the 1.09068 level. We stop there and form a lower top. We face new resistance and fall to the 1.08500 level, which puts pressure on the previous support area. We were able to get support again and start a new recovery.
During the previous Asian trading session, EURUSD settled above 1.08750, forming a high of 1.08900. The Euro remains under pressure as we encounter new resistance and begin a pullback that is still ongoing. We have fallen below the 1.08750 level and are once again leaning towards the previous support area. Possible lower targets are 1.08600 and 1.08500 levels.
GBPUSD chart analysis
On Wednesday we saw GBPUSD fall to a one-year low of 1.25965. From there we begin the upward consolidation that continues today. On the same day, we bounced back to 1.26950 but quickly fell, finding support at 1.26200. From there, we start to recover, rise to the 1.27000 level, and stop there. We have the EMA200 moving average in that area, which sends us towards new support at the 1.26500 level. The pair successfully gained support and rose to the level of 1.27150.
During the previous Asian trading session, GBPUSD began a new bearish consolidation, falling below the 1.27000 level. We are currently under downward pressure, and the British pound is at 1.26650. Now, we are watching to see where a new higher low could form, or we will see a test of the previous low. Possible lower targets are 1.26400 and 1.26200 levels.
