The EURUSD and GBPUSD continue to hold higher on Monday

EURUSD chart analysis

During the Asian trading session, EURUSD moved above the 1.09200 level. For now, Monday is still calm, with a slight bounce to the 1.09500 level. We have been in a bullish consolidation since last Wednesday and based on the current trend, we can expect to see a continuation to the bullish side. Last week’s high was at the 1.09650 level. Potential targets for this week are 1.09800 and 1.10000 levels.

We need a negative consolidation and pullback to 1.09200 levels for a bearish option. Thus, we would fall below the previous support zone, which could introduce uncertainty into further recovery.

There would be increased pressure on the EURUSD, and we would see a retreat to lower levels. Potential lower targets are 1.09000 and 1.08800 levels. Additional support for the pair could be found in the EMA50 moving average in the zone around the 1.08800 level.

GBPUSD chart analysis

During the Asian trading session, GBPUSD traded above the 1.26000 level. At the beginning of the EU session, we see a jump to 1.26273 levels, where we have resistance for now, and we see a pullback to 1.26000 levels. The pair remains in a strong bullish consolidation and we expect to see a continuation to the bullish side soon. This bullish consolidation has been going on for two months. Potential higher targets are 1.26500 and 1.27000 levels.

For a bearish option, we need a negative consolidation and pullback below to the 1.25800 level. In this way, we would retreat below the support zone, which would have the effect of increasing the bearish pressure on the pound. After that, we will see the formation of this week’s new low and thus confirm the bearish primacy. Potential lower targets are 1.25500 and 1.25000 levels. EMA50 moving average is in the zone around 1.25000 levels.

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