EURUSD AND GBPUSD: Slight recovery of both Euro and Pound

EURUSD chart analysis

During this week, EURUSD was in a mild bullish consolidation. On Tuesday, a low was formed at the 1.09100 level, after which the pair started to recover, and yesterday, a high was formed at the 1.09996 level. We can say that we tested the 1.10000 level. We failed to move above, and a pullback to support at the 1.09300 level followed. The channel we have been moving in this week is the 1.09000-1.10000 range.

In the middle of this channel is the EMA50 moving average, and for now, we are above it and expect to get its support. We are currently at the 1.09780 level and are starting a bullish consolidation. Potential higher targets are 1.10000 and 1.10100 levels. For a bearish option, we need to go below the EMA50 and test the 1.09300 level. With falling below the bearish image gains strength, and the potential lower targets are 1.09200 and 1.09100.

GBPUSD chart analysis

GBPUSD moved in the 1.26800-1.27850 range this week in a mild bullish trend. During the week, we moved up and down within these levels. In the previous Asian trading session, the pair held high above the 1.27500 level. We could initiate a bullish consolidation and test the upper resistance line with this support. With a breakthrough above the pound, it will form this year’s new high, and potential higher targets are 1.28000 and 1.28200 levels.

We need a negative consolidation and pullback to 1.27200 levels for a bearish option. In that zone, we encounter the EMA50 moving average and expect to find support. If this does not happen, the pound will continue to fall, and we will see the formation of a new daily low. Potential lower targets are 1.27000 and 1.26800 levels.

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