- On Thursday, October 17, EURUSD retreated to 1.08112, hitting a new three-month low.
- During the Asian session this morning, GBPUSD saw bullish consolidation from the 1.30100 level.
EURUSD Chart Analysis
On Thursday, October 17, EURUSD retreated to 1.08112, hitting a new three-month low. The pair managed to stop a further decline and begin recovery. During the Asian session this morning, the euro continued to rise to 1.08500. In the area of that level we find the 50 EMA, which has been a constant resistance for us this week. This time we expect a break above and the formation of a new daily high.
The possible highest targets are the 1.08600 and 1.08700 levels. For a bearish option, EURUSD would have to turn to the bearish side again. The important level is the daily opening price of 1.08300. If we break below, we will reach a new daily low and strengthen the bearish momentum. The lowest possible targets are the 1.08200 and 1.08100 levels.
GBPUSD Chart Analysis
During the Asian session this morning, GBPUSD saw bullish consolidation from the 1.30100 level. At the beginning of the EU session, we saw bullish momentum to 1.30700, a new daily high. With that jump, the pair tested the weekly opening level and the 200 EMA. In the first swing, we were unable to sustain and saw a pullback to 1.30300. GBPUSD starts a new bullish momentum from this support level and has a new opportunity to return above the 200 EMA and the weekly opening level to the positive side.
The possible highest targets are the 1.30800 and 1.30900 levels. For a bearish option, the pair should find resistance in the 1.30500 area. After that, we expect the start of a bearish consolidation below 1.30300 and a fall to 1.30200. There we will test the 50 EMA in hopes of stopping further decline. A break below means a continuation to the bearish side and the formation of a new low. The lowest possible targets are the 1.30100 and 1.30000 levels.
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