- Last week, we saw EURUSD drop to 1.09514 levels on Friday.
- During the Asian session this morning, GBPUSD found resistance at the 1.31350 level.
EURUSD Chart Analysis
Last week we saw EURUSD drop to 1.09514 levels on Friday. The euro has been under pressure all week, ending on Friday. Positive news from the US market caused the pair to retreat to a 50-day low. During the Asian session this morning the movement occurred in the 1.09640-1.09780 range. The slight negative outlook is because we are below the daily opening level of 1.09750.
EURUSD will have to rise again if it plans to start a new bullish consolidation. Further recovery to the level of 1.10000 leads us to test the 50 EMA. If we go up, we get support and after a week we will be above the 50 EMA again. The possible highest targets are levels 1 .10200 and 1.10400. For a bearish option, we need a continuation of the EURUSD pullback below the level of 1.09500. Therefore, we approach a new October low and continue the previous bearish consolidation. The lowest possible targets are the 1.09400 and 1.09200 levels.
GBPUSD Chart Analysis
During the Asian session this morning, GBPUSD found resistance at the 1.31350 level. Last week did not favor the pound, which fell to 1.30698. Now, at the start of today's EU session, we see support at 1.31000 and we hope to hold here before continuing the recovery. The possible highest targets are the 1.31200 and 1.31400 levels.
Additional resistance for GBPUSD could be in the area of 1.31250 at the 50 EMA. If the pound fails to stabilize, the bearish pressure will intensify. By falling below the 1.31000 level, we will form a new daily low and thus confirm that we are still on the bearish side. Possible lower targets at 1.30800 and 1.30600 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’);
