EURUSD and GBPUSD: The Euro is still above the 1.05000

• During the Asian trading session, the pair EURUSD managed to stay above the 1.05000 level.
• During the Asian trading session, GBPUSD retreated after meeting resistance at the 1.22400 level yesterday. 

EURUSD chart analysis

During the Asian trading session, the pair EURUSD managed to stay above the 1.05000 level. Currently, the euro is trying to initiate a new bullish impulse toward the 1.05500 level. It would be of great use to us if we could manage to move up. After that, we need to stay there in order to start the continuation of the recovery with a new bullish impulse.

Potential higher targets are 1.06000 and 1.06500 levels. We need a negative consolidation and a drop below the 1.05000 support level for a bearish option. Then we would probably visit the previous low at the 1.04500 level. A break below could see the euro continue to slide lower. Potential lower targets are 1.04000 and 1.03500 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD retreated after meeting resistance at the 1.22400 level yesterday. The pound is now below the 1.22000 level and sliding towards the 1.21500 level. The previous low was at 1.21000, and we could look for potential support there. If we fail to do so, we will see a breakout below and the formation of a new lower low.

Potential lower targets are 1.20500 and 1.20000 levels. For a bullish option, we need a positive consolidation and a return above the 1.22000 level. Then we need to try to stay up there. With the next bullish impulse, we could expect to see a continued pound recovery. Potential higher targets are 1.23000 and 1.23500 levels.