EURUSD and GBPUSD: EURUSD remains below 1.06000 for now
- During the Asian trading session, EURUSD held above the support at the 1.05600 level.
- During the Asian trading session, GBPUSD got support at the 1.21800 level.
EURUSD chart analysis
During the Asian trading session, EURUSD held above the support at the 1.05600 level. At the beginning of the EU session, we saw a bullish impulse up to the 1.05900 level. For now, we have resistance in that zone, and the pair is making a pullback at the 1.05790 level. We have additional pressure in the EMA50 moving average, which did not allow the EURUSD to stay above its line on Friday. It is very possible that we will see a retest of support at the 1.05600 level.
A break below would lead to the formation of a new low for the week and signal a continuation of EURUSD’s pullback. Potential lower targets are 1.05400 and 1.05200 levels. We need a positive consolidation and a jump above the 1.06000 level for a bullish option. Thus, we would get support in the EMA50 moving average. Potential higher targets are 1.06200 and 1.06400 levels.
GBPUSD chart analysis
During the Asian trading session, GBPUSD got support at the 1.21800 level. After which, we see a bullish impulse and a jump to the 1.22200 level. For now, we have resistance in that zone and are making a pullback to the 1.22000 level. The pound could try to find new support here and initiate a new bullish consolidation. For a more concrete bullish trend, we need a jump to the 1.22400 level, and then we need to stay there.
The pair would receive additional support in the EMA50 moving average, which could positively affect the continuation of the bullish side. Potential higher targets are 1.22600 and 1.22800 levels. We need a negative consolidation and a pullback of the pound below this morning’s support at the 1.21800 level for a bearish option. Potential lower targets are 1.21600 and 1.21400 levels.
