EURUSD and GBPUSD Chart Analysis: The Euro’s Bullish Trend

• The euro is again in a bullish trend today.
• During the Asian trading session, the pound found support at the 1.18500 level

EURUSD chart analysis

The euro is again in a bullish trend today. During the Asian trading session, the EURUSD pair finds support at the 1.03500 level. Afterward, we saw a bullish impulse that moved us above the 1.04000 level. Now we need support above the 1.04000 level if we plan on further recovery of the euro. Our next target is the resistance zone 1.04500-1.05000.

Then we need to hold on there and try to make a break above. Potential higher targets are 1.05500 and 1.06000 levels. For a bearish option, we need negative consolidation and a return to this morning’s support zone around 1.03500. A fall of the euro below would further increase the pressure, which could lead to a continuation of the bearish trend. Potential lower targets are 1.03000 and 1.02500 levels.

GBPUSD chart analysis

During the Asian trading session, the pound found support at the 1.18500 level, and with a bullish impulse, climbed up to the 1.19500 level. We now see a minor pullback to 1.19000 and need to hold above if we plan to continue the pound’s recovery. Then the next target is yesterday’s high at the 1.20000 level. If the pound managed to move above that, it would be an excellent sign for a potential continuation of its recovery. Potential higher targets are 1.20500 and 1.21000 levels.

We need negative consolidation and pullback to the 1.18000 level for the bearish option. A fall in the pound below could add to the bearish pressure. After that, we would see a further pullback of the pound to the previous support levels. Potential lower targets are 1.17000 and 1.16000 support levels.