EURUSD and GBPUSD: The Euro continues to fall under pressure

• During this morning’s Asian trading session, EURUSD was maintained in the 1.08400-1.08550 range. 
• During this morning’s Asian trading session, GBPUSD fell to a new weekly low of 1.28774. 

EURUSD chart analysis

During this morning’s Asian trading session, EURUSD was maintained in the 1.08400-1.08550 range. At the beginning of the EU session, the euro started to weaken sharply and made an impulse to the 1.08256 level, forming a new weekly low there. For now, the pair managed to stabilize and move up to the 1.08450 level. It is possible that the instability has passed, and we are returning to the bullish side. For a more specific continuation, EURUSD would have to jump over the 1.08550 daily open price.

Also, after that, the pair needs to be held there to trigger further recovery. Potential higher targets are 1.08600 and 1.08700 levels. Additional higher resistance awaits us in the 1.08750 zone in the EMA 200 moving average. For a bearish option, we need a negative consolidation and descent to this morning’s low at 1.08250. With that step, we will increase the pressure on the euro, which could continue to fall at any moment. Potential lower targets are 1.08200 and 1.08100 levels.

GBPUSD chart analysis

During this morning’s Asian trading session, GBPUSD fell to a new weekly low of 1.28774. After that, the pair quickly found support there and initiated a recovery to the 1.29000 level. In this zone, it is obvious that we have too much resistance in EMA 50, EMA 200, and the weekly open price. The pound now needs a strong bullish impulse to jump to 1.29200 to break through the resistance zone. Potential higher targets are the 1.29400 and 1.29600 levels.

For a bearish option, we need a negative consolidation on the previous low. With those steps, we return to testing this week’s support. The inability to hold on this time will lead to a fall to a new low. Unfortunately, it is a confirmation of continuation on the bullish side, and GBPUSD will have to find a new support level. Potential lower targets are 1.28800 and 1.28600 levels.