EURUSD and GBPUSD: Euro is testing support at 1.08500

• During the Asian session, the pair EURUSD was generally calm and hovered around 1.09000 levels.
• During the Asian session, GBPUSD was in retreat from 1.24000 levels.

EURUSD chart analysis

During the Asian session, the pair EURUSD was generally calm and hovered around 1.09000 levels. We saw a minor pullback to the 1.08600 level, followed by a bullish impulse that brought us closer to the 1.09000 level again. To continue the bullish option, we need a positive consolidation and a move toward the 1.09200 zone from above.

If we could manage to move above, then we would have a good chance to continue the growth of EURUSD. Potential higher targets are 1.095000 and 1.10000 levels. We need a negative consolidation and a drop to the 1.08500 support zone for a bearish option. A break below would signify that we could expect to see a continuation of the bearish option.

GBPUSD chart analysis

During the Asian session, GBPUSD was in retreat from 1.24000 levels. The pound fell to the 1.23600 level this morning, where we have some support for now. We need a positive consolidation in order to start a new bullish scenario. Then we have to go back to the 1.24000 resistance level again and try to break above. After that, we could hope to see GBPUSD continue to rise.

Potential higher targets are 1.24500 and 1.25000 levels. We need a negative consolidation and a drop below the 1.23500 level for a bearish option. After that, we would go down to the lower zone of potential movement 1.22500-1.23500.