EURUSD Forecast: Ranging Between 1.07750-1.07900
- During the Asian trading session, EURUSD moved in the 1.07750-1.07900 range.
- During the Asian trading session, we watched GBPUSD rise from 1.26000 to 1.26300.
EURUSD chart analysis
During the Asian trading session, EURUSD moved in the 1.07750-1.07900 range. For now, in the EU session, we see a continuation in the same range and remain above the support in the EMA200 moving average, which is in the zone around 1.07675 levels. A break above 1.07900 could start a bullish consolidation and push the Euro to higher levels. Potential higher targets are 1.08000 and 1.08100 levels.
We need EURUSD to fall below the 1.07600 level for a bearish option. This would pull below the EMA200 and form a new daily low. The Euro would be under pressure to start a further retreat in search of new support. Potential lower targets are 1.07500 and 1.07400 levels.
GBPUSD chart analysis
During the Asian trading session, we watched GBPUSD rise from 1.26000 to 1.26300. At the start of the EU session, we encountered resistance in that zone, and for now, we stopped there, retreating to the 1.26200 level. We are still in a bullish consolidation and expect the pair to continue to the bullish side soon. Potential higher targets are 1.26400 and 1.26500 levels.
For a bearish option, we need a pullback to support at the 1.26000 level. We have additional support in that zone in the EMA200 moving average. A fall below these levels would form a new daily low and thus confirm the increase in bearish momentum. Potential lower targets are 1.25900 and 1.25800 levels.
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