- In the previous four days, we saw EURUSD trend up to 1.06399.3 levels
- This week’s GBPUSD bullish rally stopped yesterday at the 1.23376 level.
EURUSD Chart Analysis
In the previous four days we saw an uptrend of EURUSD up to the level of 1.06399. We stopped there and the pair started to pull back after positive economic news for the USD, falling to the 1.05260 level. During the Asian session, we saw bullish consolidation towards the 1.05600 level, and for now we have resistance there. We need a break above to start a further recovery. The highest possible targets are the 1.05800 and 1.06000 levels.
We need negative consolidation and a pullback below yesterday’s support at 1.05260 for a bearish option. Thus, we would form a new low for this week, which would strengthen the bearish option. The lowest possible targets are the 1.05000 and 1.04800 levels.
GBPUSD Chart Analysis
This week’s GBPUSD bullish rally stopped yesterday at the 1.23376 level. After that, we will see a pullback and strong bearish momentum that will take us towards the 1.21740 level. During the Asian session, the pound recovered and rose to 1.22200. There we find the EMA50 moving average and the resistance in that area. The pair pulls back towards the 1.22000 level, looking for that support.
We need a positive consolidation and a jump to the 1.22400 level for a bullish option. Therefore, we would skip the EMA50 and get its support. The highest possible targets are the 1.22600 and 1.22800 levels. We need negative consolidation and a drop below this morning’s support for a bearish option at the 1.21740 level. A break below would mean the formation of a new low and the confirmation of a bearish option. The lowest possible targets are the 1.21600 and 1.21400 levels.
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