- During the Asian trading session, EURUSD struggled to rise above 1.08300 but was unsuccessful.
- During the Asian trading session, GBPUSD oscillated around the 1.22800 levels.
EURUSD chart analysis
During the Asian trading session, EURUSD struggled to rise above 1.08300 but was unsuccessful. A sharp pullback followed at the start of the European session, and the EURUSD is now sitting at the 1.07300 level. For a bullish option, we need further positive consolidation and a move above the 1.07500 level to begin with.
So we have to try to stay there and start a new recovery with new momentum. The highest potential targets are the 1.07750 and 1.08000 levels.
For a bearish option, we need a continuation of this negative consolidation. We would look for the first support at the 1.07000 level. If we fail to hold that level, the EURUSD will probably continue to slide towards the next lower support. The lower possible targets are the 1.06750 and 1.06500 levels.
GBPUSD chart analysis
During the Asian trading session, GBPUSD oscillated around the 1.22800 levels. This was followed by a pullback and a drop to 1.22100 leva. The pound managed to gain support there, and we can now expect to see a continuation of the potential rally. We need positive consolidation and stabilization of GBPUSD above the 1.22200 level for a bullish option. After that, we could expect the pound to go higher.
The highest potential targets are the 1.22500 and 1.2300 levels. For a bearish option, we need a continuation of this negative consolidation and a further pullback below the 1.22000 level. We have additional support at that level at the EMA50 moving average. A drop below would send the pound lower. The lower possible targets are the 1.21800 and 1.21500 levels.
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