EURUSD AND GBPUSD: EURUSD is holding steady above 1.09200
- During this morning’s Asian trading session, EURUSD moved in the 1.09100-1.09200 range.
- During this morning’s Asian session, GBPUSD retreated to support at the 1.27500 level.
EURUSD chart analysis
During this morning’s Asian trading session, EURUSD moved in the 1.09100-1.09200 range. The pair has good support, and there is potential for a bullish impulse to start outside this range. By jumping above the 1.09300 level, we cross over Friday’s high, which increases optimism and further progress on the bullish side. Potential higher targets are 1.09400 and 1.09500 levels. However, we must also consider the potential for a bearish scenario, which would require a pullback to the 1.09000 level.
The 1.09450 level from Thursday’s high is a crucial data point to consider. For a bearish option, we need a EURUSD pullback down to the 1.09000 level. This is where we encountered the EMA 200 moving average, which was our support last week. A drop below and the formation of a new weekly low could happen. Potential lower targets are the 1.08900 and 1.08800 levels.
GBPUSD chart analysis
During this morning’s Asian session, GBPUSD retreated to support at the 1.27500 level. After receiving new support, a bullish consolidation was initiated to a new daily high at 1.27822. We have climbed above the EMA 200 moving average and are now watching to see if we can hold above for a continuation to the bullish side. If we succeed in this, the pound will have a stable position from which it can start a new bullish consolidation.
Potential higher targets for GBPUSD are 1.27800 and 1.28000 levels. However, we must also consider the potential for a bearish scenario, which would require a pullback below the EMA 200 and 1.27600. This indicates an increase in bearish momentum and a possible further retreat to lower levels. Below 1.27400 we lose the support of the EMA 50 moving average. Potential lower targets are 1.27200 and 1.27000 levels.
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