- The EURUSD pair has been in a strong bullish consolidation since the opening of the Asian session this morning.
- GBPUSD received fresh strong support this morning at the 1.31200 level
EURUSD Chart Analysis
The EURUSD pair has been in a strong bullish consolidation since the opening of the Asian session this morning. We started from 1.10750 and rose to 1.11300 levels. The pair had a short-term fluctuation in the 1.11000 zone but successfully overcame it and continued on the bullish side. We expect to see a jump to a new daily high, confirming that it remains on the positive side. Possible higher targets are 1.11400 and 1.11500 levels.
In the case of a bearish option, EURUSD should first retreat below the level of 1.11000. With such a move, we take the first step to the bearish side, which confirms the increase in bearish pressure. The euro was forced to retreat and seek support at lower levels. Possible lower targets are the levels of 1.10900 and 1.10800. If we drop to 1.10800, we will be close to testing the daily opening price.
Graphical analysis of the GBPUSD pair
The GBPUSD pair received a new strong support this morning at the level of 1.31200. A bullish consolidation started and the pair managed to break out of last week's high, creating a new one at 1.31950. For now, we find resistance in that area and we remain below the level of 1.32000. We need a continuation of the bullish momentum to break out of the level of 1.32000. If we succeed, the next target is the September high at the level of 1.32390.
Possible upper targets are 1.32400 and 1.32600 levels. For a bearish option, we need a negative consolidation and a pullback of GBPUSD to the 1.31600 level. There was a hold in that zone before we continued with the uptrend. This time, we need a break below it to reinforce the bearish momentum. Possible lower targets are 1.31400 and 1.31200 levels. Additional support in the 1.31200 zone is the EMA 200 moving average.
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