EURUSD and GBPUSD: EURUSD continues to pull back on Friday

• During the Asian trading session EURUSD takes a bearish step below the 1.07900 level. 
• Yesterday, GBPUSD retreated to the 1.25860 level, forming a new weekly low. 

EURUSD chart analysis

During the Asian trading session EURUSD takes a bearish step below the 1.07900 level. That pushed us to a new weekly low at the 1.07682 level. We are now holding slightly above that level and moving up to the 1.07700 level. If we plan to return to the bullish side, we would have to climb above the 1.07800 level. Then we also need to maintain ourselves there above.

After that, we aim to move ase to 1.07900, the daily open price. With this, we move to the bullish side, erasing the losses created in the Asian session. Potential higher targets are 1.08000 and 1.08100 levels. In the zone around 1.08000, we come across the EMA50 moving average, and there, we could have some resistance and fluctuation of EURUSD to continue on the bullish side.

GBPUSDS chart analysis

Yesterday, GBPUSD retreated to the 1.25860 level, forming a new weekly low. We quickly consolidated after that, and a jump to the 1.26550 level followed. There, we encountered a new resistance and started to pull back to the 1.26150 level. During the Asian trading session, movements took place in the 1.26150-1.26300 range. We are under pressure from the EMA50 moving average, which does not allow us to move above it for now.

This will only increase the bearish momentum, forcing the pound to retreat. Potential lower targets are 1.26100 and 1.26000 levels. We need to move above the EMA50 and 1.26300 levels for a bullish option. After that, we need to keep up there. With the new bullish consolidation, we will see the recovery of GBPUSD to higher levels. Potential higher targets are 1.26400 and 1.26500 levels.