EURUSD and GBPUSD: The euro manages to hold above 1.0600

• During the Asian trading session, EURUSD consolidated its position at the 1.06000 level.
• Yesterday, the GBPUSD pair was above the 1.24000 level for the first time in the last six months.

EURUSD chart analysis

During the Asian trading session, EURUSD consolidated its position at the 1.06000 level. A new bullish momentum followed, which moved the EURUSD pair above the 1.06500 level. The pair could soon break yesterday’s high at the 1.06730 level. With that, we would form a new higher high and have a good chance to continue the recovery of the euro.

Potential higher targets are 1.07000 and 1.075000 levels. For a bearish option, we need a negative consolidation and a drop to the 1.06000 support level. A break below could disrupt the stability of the previous bullish trend, which would lead to the initiation of a longer-term bearish scenario. Potential lower targets are 1.05500 and 1.05000 levels.

GBPUSD chart analysis

Yesterday, the GBPUSD pair was above the 1.24000 level for the first time in the last six months. A new high was formed at the 1.24440 level, after which the pound made a pullback to the 1.23500 level. During the Asian trading session, the pound managed to find support at that level and started a new bullish impulse. GBPUSD is back at the 1.24000 level, and we could see a new breakout above and a continuation of the bullish option. We would once again test the 1.24500 resistance level.

In the continuation, GBPUSD could rise to 1.25000 levels. For a bearish option, we need a negative consolidation and descent to this morning’s support at the 1.23500 level. A lack of strength to hold above this level would lead to a breakout below and a continuation of the bearish option. Potential lower targets are 1.23000 and 1.22000 levels.