EURUSD and GBPUSD: The Euro continues to push higher

• Yesterday EURUSD managed to return above the 1.09000 level.
• During the Asian trading session, GBPUSD hovered around 1.24000 levels. 

EURUSD chart analysis

Yesterday EURUSD managed to return above the 1.09000 level. During the Asian session, the euro maintained its gains from yesterday. The pair could continue this positive consolidation, and the target is the 1.09500 level. The previous time we were, there was in April last year. If this month’s bullish trend continues, the EURUSD pair could rise to the 1.10000 level in a week or two.

We need a negative consolidation and pullback below the 1.09000 level for a bearish option first. After that, we could see a drop to 1.08500 yesterday’s support level. And a break below would bring us back to the zone of last week’s movement.

GBPUSD chart analysis

During the Asian trading session, GBPUSD hovered around 1.24000 levels. The currently weak dollar could push the GBPUSD over the 1.24500 level. With that, we would form this year’s new high. With further positive consolidation, we could see continued GBPUSD growth. A potential higher target is psychological 1.25000.

We need a negative consolidation and pullback to the 1.23000 support zone for a bearish option. A break below could signal a potential stronger fall in the pound. And potential lower support targets are 1.22500 and 1.22000 levels.