EURUSD and GBPUSD: New week, new targets and prices
- Last week, we saw a drop in EURUSD to 1.09514 levels on Friday
- During this morning’s Asian trading session, GBPUSD encountered resistance at the 1.31350 level
EURUSD chart analysis
Last week, we saw a drop in EURUSD to 1.09514 levels on Friday. The Euro has been under pressure all week, culminating on Friday. Positive news from the US market caused the pair to retreat to a 50-day low. During this morning’s Asian trading session, the movement took place in the 1.09640-1.09780 range. The slight negative picture is because we are below the daily open level of 1.09750.
EURUSD will have to move back above if it plans to initiate a new bullish consolidation. A further recovery to the 1.10000 level moves us to test the EMA 50 moving average. Going above, we get support, and after a week, we will be again above EMA 50. Potential higher targets are 1.10200 and 1.10400 levels. For a bearish option, we need a continuation of the EURUSD pullback below the 1.09500 level. Thus, we move to a new October low and continue the previous bearish consolidation. Potential lower targets are 1.09400 and 1.09200 levels.
GBPUSD chart analysis
During this morning’s Asian trading session, GBPUSD encountered resistance at the 1.31350 level. Last week did not favor the pound as it retreated to 1.30698. Now, at the start of today’s EU session, we see support at 1.31000 and expect to hold here before continuing the recovery. Potential higher targets are 1.31200 and 1.31400 levels.
Additional resistance for GBPUSD could be in the 1.31250 zone in the EMA 50 moving average. 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. Potential lower targets in 1.30800 and 1.30600 levels.
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