EURUSD and GBPUSD: EURUSD is moving to a new weekly high

• For the second day in a row, EURUSD has been in stable bullish consolidation
• On Wednesday, GBPUSD retreated to a new weekly low at 1.30000

EURUSD chart analysis

For the second day in a row, EURUSD has been in stable bullish consolidation. During this morning’s Asian trading session, we saw a recovery above the weekly open price and the 1.11000 level. After we crossed the EMA 200 moving average yesterday, the pair continued to grow and reached today’s high. Now, it is important to stabilize above the weekly open price in order to continue on the bullish side.

Potential higher targets are 1.11200 and 1.11400 levels. For a bearish option, we expect the EURUSD to pull back below the weekly open price to the downside. This step increases the bearish pressure that could push the pair to a new daily low. A return below 1.10700 would take us significantly away from the previous bullish path. Potential lower targets are 1.10400 and 1.10200 levels.

GBPUSD chart analyisis

On Wednesday, GBPUSD retreated to a new weekly low at 1.30000. We can say that Pair did a retest on a very important psychological level. After that, we first saw consolidation in the 1.30400-1.30600 range yesterday. We were able to rally from there and climb above the EMA 50 moving average. The new support added to the bullish momentum, resulting in a jump to 1.31523 at a new weekly high.

Today, we have a problem continuing above that level, and the bearish momentum is intensifying, pulling the GBPUSD back to the daily open price of 1.31250. Pressure is now in that zone and a break below to a new daily low could occur. Potential lower targets are 1.31100 and 1.30800 levels. In the 1.31000 zone, we expect a longer hold and possible support for staying on the bullish side. Potential higher targets are 1.31600 and 1.31800 levels.