EURUSD AND GBPUSD: Euro fell to 1.07500 level this morning
- On Friday, EURUSD made a strong pullback from the 1.09000 level.
- On Friday, GBPUSD rose to 1.28218, forming a new weekly high there.
EURUSD chart analysis
On Friday, EURUSD made a strong pullback from the 1.09000 level. The positive NFP data influenced the dollar to strengthen sharply, and the euro was forced to retreat. At the market’s closing on Friday, the pair dropped to the 1.08000 level. During this morning’s Asian trading session, EURUSD continued to fall to 1.07480. Now, before the start of the EU session, we see an attempt to stabilize around the 1.07500 level.
We need a positive consolidation to trigger a bullish option. With a return above 1.07800, we will move away from this morning’s low. After that, the pair could begin further growth and recovery with more relief. Potential higher targets are a 1.08000 weekly open price and a 1.08200 level. Additional possible resistance in the 1.08200 zone is the EMA50 moving average.
GBPUSD chart analysis
On Friday, GBPUSD rose to 1.28218, forming a new weekly high there. After that, a strong bearish impulse brings the pair down to 1.27160 levels. During this morning’s Asian trading session, we failed to initiate a recovery. The pound continued to slide to a new low of 1.27072 levels. We SEE a bearish impulse at the opening of the EU session, which means further retreat and the formation of a new lower low.
Potential lower targets are 1.26900 and 1.26800 levels. We need a positive consolidation and a return above the 1.27200 level for a bullish option. With this, we return to the positive side above the weekly open price. After that, we expect to see a recovery start and higher levels are reached. Potential higher targets are 1.27300 and 1.27400 levels.
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