EURUSD and GBPUSD: Euro continues to slide under pressure

• During this morning’s Asian session, EURUSD continued the bullish consolidation from last night
• Yesterday, GBPUSD retreated to a new weekly low at 1.30877

EURUSD chart analysis

During this morning’s Asian session, EURUSD continued the bullish consolidation from last night. We managed to form a new daily high at the 1.10629 level. At that level, bullish momentum decreased, and the pair went into lateral consolidation. This led to a pullback to 1.10500, where we will test the weekly open price. A pullback will follow if the support is insufficient, and a new daily low will be formed.

Potential lower targets are the 1.10400 and 1.10300 levels. For a bullish option, we need a positive consolidation and a new jump above the 1.10600 level. This gives us support from the EMA 50 moving average, and we expect to see further progress on the bullish side. Potential higher targets are the 1.10700 and 1.10800 levels. At 1.10800, we will test the EMA 200 moving average.

GBPUSD chart analysis

Yesterday, GBPUSD retreated to a new weekly low at 1.30877. After that, we managed to consolidate and move up to the 1.31100 level. During this morning’s Asian trading session, the pair continued to rise to 1.31280. There, we encountered resistance in the EMA 200 moving average and the weekly open price. For now, we are holding below the 1.31150 support level.

We expect to see a continuation of this morning’s bullish GBPUSD consolidation and a break above today’s resistance zone. Potential higher targets are 1.31400 and 1.31500 levels. We need a negative consolidation and a breakout of this morning’s bullish trend for a bearish option. Going below 1.31000 would confirm that the pair is under pressure and that a further pullback will follow. Potential lower targets are 1.30900 and 1.30800 levels.