EURUSD and GBPUSD: A New EURUSD’s October High at 1.00960
- During the Asian trading session, the EURUSD formed a new October higher high at the 1.00960 level.
- This morning the pound formed a new October high at the 1.16500 level.
EURUSD chart analysis
During the Asian trading session, the EURUSD formed a new October higher high at the 1.00960 level. The euro fails to hold on to that level, and we now see a pullback below the 1.00500 level. Potential support for the pair could be found at the 1.00000 level, the place of the previous breakout of the euro.
If the euro continues to fall, the next support is at the 0.99500 level, the starting point of the previous bullish impulse. Potential lower targets are 0.99000 and 0.98500 levels. For a bullish option, we need a new positive consolidation back to the 1.01000 level. Then we must try to stay there, with a new bullish impulse to continue. Potential higher targets are 1.01500 and 1.02000 levels.
GBPUSD chart analysis
This morning the pound formed a new October high at the 1.16500 level. Since then, the pound has been retreating and is now at the 1.15500 level. We need a negative consolidation and a pound fall below the 1.15000 level to continue the bearish option. Then we would see a pullback below the previous high from the beginning of the month. The pair could then continue to decline until the next support.
Potential lower targets are 1.14000 and 1.13000 levels. We need a positive consolidation and a return above the 1.16000 level for a bullish option. Then the pound needs to be held up there. After that, with a new bullish impulse, we could expect a continued pound recovery. Potential higher targets are 1.17000 and 1.18000 levels.
