EURUSD and GBPUSD: EURUSD continues to consolidate

EURUSD chart analysis

During this morning’s Asian trading session, EURUSD moved in the 1.09000-1.09300 range. The pair’s movement is significant, as it’s between the weekly open price on the lower side and the daily open price on the upper side. This indicates that we’ve been in a pullback for the last two days after EURUSD reached the 1.10089 level on Monday. This could lead to a drop below the weekly open price and the formation of a new weekly low.

There’s potential for a bullish option, which could provide a positive outlook for the market. A positive consolidation and a move above the 1.94000 daily open price are crucial. If we can hold on there, we could see a further move to the bullish side. This could lead to potential higher targets at the 1.09600 and 1.09800 levels.

GBPUSD chart analysis

Yesterday, we saw GBUPSD pull back to a new weekly low at the 1.26728 level. After that, the pair stopped further retreating, and a bullish consolidation was initiated. During this morning’s Asian trading session, we received support at the 1.27000 level, after which we continued to a new daily high at 1.27270. Here, we will try to find support in the EMA 50 moving average for a continuation to the bullish side.

Potential higher targets are 1.27600 and 1.27800 levels. In the zone of 1.27900, we will meet the EMA200 moving average. Movement in that zone will determine the trend for GBPUSD. For a bearish option, we need a negative consolidation back to the 1.27000 level. New pressure on this morning’s support level could create an impulse below to a new low. This moves us below the daily open price, which will increase the bearish pressure on the pound. Potential lower targets are 1.26800 and 1.26600 levels.

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