EURUSD and GBPUSD: EURUSD approached the 1.09000 level

Yesterday, EURUSD pulled back to a new low at the 1.07800 level.
GBPUSD yesterday dropped to 1.26252 level, forming this week’s low.

EURUSD chart analysis

Yesterday, EURUSD pulled back to a new low at the 1.07800 level. After the formation of this bottom, the euro consolidated and started to recover. The dollar suddenly began to weaken, and the euro skilfully took advantage of that and closed the day at the 1.08720 level. During the Asian trading session, EURUSD managed to hold above yesterday’s high. Today, we are seeing a continuation of the bullish consolidation and rising to the 1.08880 level.

The pair received additional support in the EMA200 moving average by moving above it yesterday. Potential higher targets are 1.09000 and 1.09200 levels. For a bearish option, we need a negative consolidation and pullback to support at the 1.08500 level. New pressure in that zone would lead to a potential drop and an increase in bearish momentum. Potential lower targets are 1.08400 and 1.08200 levels.

GBPUSD chart analysis

GBPUSD yesterday dropped to 1.26252 level, forming this week’s low. We stayed below for a short time, and the pound is starting a bullish consolidation from that level. The pair rose above 1.27000 in the US session and the EMA200 moving average.

This added strength to growth and recovery at higher levels, and the day closed at the 1.27428 level. During the Asian trading session, GBPUSD was successfully maintained above the 1.27400 level, so today, we are watching and expecting a continuation on the bullish side.

Potential higher targets are 1.27750 and 1.28000 levels. For a bearish option, we need to go below the 1.27400 level. This would create a new daily low, and the pound would be under greater pressure to seek new support. We would again look at the 1.27000 and the EMA200 levels as potential support zones. If we see a break below, potential lower targets are the 1.26800 and 1.26400 levels.

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