EURUSD and GBPUSD: GBPUSD rose to 1.28176 yesterday

EURUSD chart analysis

During this morning’s Asian trading session, EURUSD moved in the 1.08700-1.08900 range. In the EU session, we continue in the same direction without major movements. We are waiting for the US sessions in the news, which could increase the volume and make a concrete move on the chart. A break above the 1.08900 level is a sign that EURUSD is starting to strengthen and that we have an opportunity to continue on the bullish side.

Potential higher targets are 1.09000 and 1.09100 levels. This week’s high is at the 1.09160 level. We need a weak euro and a pullback below 1.08700 for a bearish option. Going down to 1.08600, we will test the EMA200 moving average support. The inability to hold above, leads to a descent below to a new daily low. This gives me confirmation of the move to the bearish side. Potential lower targets are 1.08500 and 1.08400 levels.

GBPUSD chart analysis

Yesterday, we saw another test of the weekly open price by GBPUSD. After support at the 1.27420 level, a recovery to the 1.28000 level was initiated. We stop there and pull back to the 1.27650 level. During this morning’s Asian trading session, the movement took place in the 1.27650-1.27800 range. We are now seeing a slight bullish consolidation that could put pressure on the top line of this range.

The break above pushes us to the daily high level and thus confirms the bullish momentum. Potential higher targets are 1.28000 and 1.28200 levels. For a bearish option, we need an impulse below the 1.27650 level. With that, we are slowly moving to the bearish side. Again, GBPUSD will be encouraged to return to the 1.27420 level and look for new support. Additional support for this path and that zone is the EMA200 moving average.

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