EURUSD and GBPUSD: The euro stabilized above the 1.08500

• At the beginning of this week, EURUSD is stable above the 1.08500 level.
• During the Asian trading session, GBPUSD hovered around 1.24000 levels.

EURUSD chart analysis

At the beginning of this week, EURUSD is stable above the 1.08500 level. During the Asian trading session, the pair once again tested the support at 1.08500. Then we see a new bullish impulse and a recovery to the 1.08850 level. The euro could soon find itself at the 1.09000 level again.

We need a positive consolidation and a break above that level to continue on the bullish side. Potential higher targets are 1.09250 and 1.09500 levels. We need a negative consolidation and a drop below the 1.08500 level for a bearish option. Below we would return to the previous lower movement zone. Potential lower targets are 1.08000 and 1.07500 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD hovered around 1.24000 levels. We are now seeing a minor pullback in the pound to the 1.23700 level, and we are managing to hold above that level. The current bearish pressure could further lower the pound to the 1.23500 level. A break below would open up space toward the 1.23000 support level.

A fall below this level could drag the pound deeper. We need a positive consolidation and a return above the 1.24000 level for a bullish option. Then we need to hold up there, and with the next bullish impulse, we would continue the growth of GBPUSD. Potential higher targets are 1.24500 and 1.25000 levels.