EURUSD and GBPUSD: The New Lower Low Pound At 1.14330

• Pair EURUSD yesterday tested support at the 0.98500 level.
• The new lower low pound for November was at 1.14330 level.

EURUSD chart analysis

Pair EURUSD yesterday tested support at the 0.98500 level. The euro finds support there and begins to recover. During the Asian trading session, the euro rose to the 0.99000 level, and we are now hovering around that level. We need a break above and a continuation to the 0.99500 level of the previous high. Then the euro would have to try to maintain itself up there and continue its recovery with a new bullish impulse.

Potential higher targets are 1.00000 and 1.00500 levels. We need a negative consolidation and a return to yesterday’s support zone for a bearish option. There we could expect increased pressure that would lead to a further fall in the European currency. Potential lower targets are 0.98000 and 0.97500 levels.

GBPUSD chart analysis

The new lower low pound for November was at 1.14330 level. After that, we see a recovery to 1.15280, where we have resistance for now. For a bullish option, we need a positive consolidation and a move toward the 1.16000 level. This would allow us to move above the upper trend line. Then it would be good to stay up there and start a further recovery with the next bullish impulse. Potential higher targets are 1.17000 and 1.18000 levels.

We need a negative consolidation and a drop below the 1.14500 level for a bearish option. We could have some support in the zone around 1.14000 zone because we had it in the previous case. Potential lower targets are 1.13500 and 1.13000 levels. Additional support at 1.13000 is in the lower trend line.

Market overview

German exports unexpectedly fell, while imports recorded their first drop in eight months. Exports fell by 0.5% on a monthly basis; imports fell by 2.3%; this was the first decline in exports since January.