EURUSD and GBPUSD: The price of EURUSD Fell Below 1.00000

• The pair EURUSD fell sharply below the 1.00000 level this morning.
• The fall of the pound was stopped yesterday at the 1.13300 level.

EURUSD chart analysis

The pair EURUSD fell sharply below the 1.00000 level this morning. During the Asian session, the euro managed to maintain itself in the 1.00000-1.00500 zone. Then we see a strong bearish impulse that takes the pair below 1.00000 and continues to the 0.99500 level. The euro is also making a break below there, and if the strengthening of the dollar continues, the fall of the euro is inevitable. For a bearish option, we need a negative consolidation and a drop to the 0.99000 level.

Then we need to hold on there and, with a new bearish impulse, continue with further withdrawal. Potential lower targets are 0.98500 and 0.98000 levels. For a bullish option, we need a new positive consolidation and a return to the 1.00000 level. Then we need to stay there in order to form a new bottom. From there, with a new bullish impulse, we could continue the recovery. Potential higher targets are 1.00500 and 1.01000 levels.

GBPUSD chart analysis

The fall of the pound was stopped yesterday at the 1.13300 level. During the Asian trading session, the pound manages to maintain around the 1.13500 level. Later, the pound managed to move towards the 1.14000 level, representing our resistance and preventing us from a bullish recovery. For a bullish option, we need a new positive consolidation and a break above the 1.14000 level. Then we need to hold above and, with a new bullish impulse, try to continue the pound’s recovery.

Potential higher targets are 1.15000 and 1.16000 levels. For a bearish option, we need a negative consolidation and a pound fall below the 1.13500 support level. After that, we could expect a further continuation of the pound’s fall. Potential lower targets are 1.12000 and 1.10000 levels.