- On Thursday, EURUSD retreated to a new weekly low at 1.09000
- During the Asian session this morning, GBUPSD was under pressure by the 50 EMA.
EURUSD Chart Analysis
On Thursday, EURUSD retreated to a new weekly low at 1.09000. We remained bearish for a short period of time because the bullish consolidation to the 1.09400 level started very quickly. During the Asian session this morning, the pair continued to rise above the 50 EMA moving average. In the EU session, we see a strengthening of the bullish momentum to a new daily high at the 1.09500 level.
The EURUSD should build on this momentum and form a new daily high when the market opens tonight. The possible highest targets are the 1.09600 and 1.09800 levels. For a bearish option, we first need to get back below the 50 EMA and 1.09400. After that, we should see a strengthening of the bearish momentum and a drop from 1.09200 to a new daily low. The lowest possible targets are the 1.09000 and 1.08800 levels.
GBPUSD Chart Analysis
During the Asian session this morning, GBUPSD came under pressure from the 50 EMA. With the start of the EU session, the pound began to show signs of recovery with a push towards the 1.30800 level. That is not enough to keep us above the 50 EMA and we need a continuation of the bullish consolidation. After that, we can expect to go back to 1.31000 and skip yesterday's high. The possible highest targets are the 1.31200 and 1.31400 levels.
At the 1.31400 area, we expect resistance at the 200 EMA before continuing on the bullish side. For a bearish option, we need a negative consolidation and a pullback to this morning's low at 1.03400. Fresh pressure on the support level could see us see momentum underneath and the formation of a new daily low. The lowest possible targets are the 1.30200 and 1.30000 levels.
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