EURUSD and GBPUSD: EURUSD makes a jump above the EMA200

EURUSD chart analysis

At the beginning of this morning’s Asian trading session, EURUSD made a bullish gap from 1.07130 to 1.07400. After that, the pair manages to stay up there and move further to the bullish side. Now, the euro is at the 1.07645 level, and there are good opportunities for it to continue growing until the end of the day. Potential higher targets are 1.07700 and 1.07800 levels.

For a bearish option, we need a negative consolidation pullback below the 1.07500 level. With that step, we would move away from today’s high, which would increase the bearish pressure. After that EURUSD could close the gap it made at the opening of the Asian session. Potential lower targets are 1.07300 and 1.07200 levels. Additional support in the 1.07200 zone is the EMA200 moving average.

GBPUSD chart analysis

During this morning’s Asian trading session GBPUSD was in a bullish run. Good support at the 1.26500 level influenced us to see a bullish consolidation and a jump to the 1.26800 level. On the positive side, we have crossed the EMA200 moving average, which was a resistance for the previous two weeks. If GBPUSD manages to hold above the EMA200, it will have a good chance of continuing to the bullish side.

Potential higher targets are 1.26900 and 1.27000 levels. Last week we had strong resistance in the 1.27000 zone. For a bearish option, we need a negative consolidation and a return below the EMA200 and 1.26600 levels. By going below, we return to the bearish side, which will only increase the pressure on GBPUSD to start a further retreat. Potential lower targets are 1.26500 and 1.26400 levels.

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