EURUSD and GBPUSD: EURUSD is climbing above 1.11300

EURUSD chart analysis

This week, EURUSD continued the previous bullish consolidation to the 1.11396 level. The market is saturated at that level, and the pair makes a pullback to the 1.10600 level. During the Asian session, the market was calm, and the pair was maintained in the 1.10600-1.10800 range. Today is the last trading day of the year, and we can expect to see reduced market volatility. Therefore, the movement of EURUSD will be limited.

If we break below this morning’s support level and move to the bearish side, we could slide down to the 1.10000 level. There, we would test the price from the opening of the market on Monday and the EMA50 moving average. We have had the support of the EMA50 for ten days now, and we hope that we will manage to stay above it so that we can continue to the bullish side.

GBPUSD chart analysis

Yesterday, we saw a successful breakout of the GBPUSD above the 1.28000 level. The pair formed a new high at the 1.28280 level. The previous time, we were at that level at the end of July. We stopped up there and made a pullback last night to support at the 1.27100 level. During the Asian session, the pair got the appropriate support and initiated a bullish consolidation up to the 1.27730 level, where we encountered today’s resistance that interrupted the correction.

After that, we see a new pullback and a fall of the pound to the 1.27400 level. Potential lower targets are 1.27200 and 1.27000 levels. EMA50 moving average is located in the zone around 1.27200 levels. We would have to climb above the 1.27800 level for a bullish option. Then to hold up there and to initiate a positive consolidation to continue to the bullish side. Potential higher targets are 1.28000 and 1.28200 levels.

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