- During the Asian session this morning, EURUSD pulled back from the 1.11800 level.
- On Thursday, GBPUSD rose to 1.34343 hitting a new weekly high
EURUSD Chart Analysis
During the Asian session this morning, EURUSD pulled back from the 1.11800 level. The strong bearish consolidation pushed the pair towards the support of 1.11250. We are now struggling to break back above 1.11400 and the 200 EMA. If EURUSD succeeds in this, we can expect a new recovery and a return to the daily opening level. The highest possible targets are the 1.11900 and 1.12000 levels.
On Wednesday, EURUSD reached this week's high at 1.12142. The pressure to hold there was great and we soon saw a pullback to the 200 EMA. This moving average appears to be significant support for the Euro to remain on the bullish side. For a bearish option, we need a negative consolidation and a decline from the 1.11200 level. This will form a new daily low and confirm that EURUSD is under bearish pressure. The lowest possible targets are the 1.11100 and 1.11000 levels.
GBPUSD Chart Analysis
On Thursday, GBPUSD rose to 1.34343, hitting a new weekly high. After that, the pair loses momentum and turns to the bearish side. During the Asian session this morning, we saw a drop below 1.3400; In the EU session, the pound continued to fall to 1.33600. Currently, the pair manages to hold there and recovers slightly to the level of 1.34750. GBPUSD needs to return above 1.34000 if we want to see a continuation to the bullish side.
The possible highest targets are the 1.34200 and 1.34400 levels. For a bearish option, we need a negative consolidation and a break below today's support at 1.33600. With that step, GBPUSD reaches a new daily low and continues the downtrend. The lowest possible targets are the 1.33400 and 1.33200 levels. 1.33200 is the weekly opening level and there we expect further fluctuation in the pound.
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