- On Thursday, EURUSD retreated to 1.10084 levels, hitting a new weekly low
- Yesterday GBPUSD fell to 1.30920 to a new weekly low
EURUSD Chart Analysis
On Thursday, EURUSD retreated to 1.10084 levels, hitting a new weekly low. A strong dollar has been putting pressure on the euro all this week. During the Asian session this morning the movement occurred in the 1.10250-1.10400 range. We have a slight hint that we could see the start of bullish consolidation as the dollar has fallen into a resistance zone. The highest possible targets are the 1.10600 and 1.10800 levels.
In the 1.10800 area we again meet the 200 EMA moving average, which was an obstacle for us to return to the bullish side. For a bearish option, we need a negative consolidation and a pullback to the 1.10000 level. With that step, we hint at a new retracement and the formation of a new weekly low. The lowest possible targets are the 1.09800 and 1.09600 levels.
GBPUSD Chart Analysis
Yesterday GBPUSD fell to 1.30920, hitting a new weekly low. A strong bearish consolidation since the beginning of the week saw this pair drop over 300 pips or 2.45%. During the Asian session this morning, GBPUSD finally stopped the pullback and began a recovery. In the EU session we see the formation of a daily high at the level of 1.31500. Bullish momentum is building and we should see a new rally by the end of the day.
The highest possible targets are the 1.32000 and 1.32500 levels. Additional support is found at the 50 EMA as it crosses above 1.32000. For a bearish option, GBPUSD would first have to fall below the daily opening level of 1.31235. With that step, we move towards the bearish side. The lowest possible targets are the 1.31000 and 1.30500 levels.
(the_ad id=”24160″)
!function (f, b, e, v, n, t, s) {
if (f.fbq) return;
n = f.fbq = function () {
n.callMethod ?
n.callMethod.apply(n, arguments) : n.queue.push(arguments)
};
if (!f._fbq) f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = ();
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)(0);
s.parentNode.insertBefore(t, s)
}(window, document, ‘script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘504526293689977’);
fbq(‘track’, ‘PageView’);
