EURUSD and GBPUSD: Euro in a sideways consolidation

• During the Asian trading session, the pair EURUSD managed to maintain its axis above the 1.06000 level. 
• Pair GBPUSD continues to remain under pressure as we fail to move above the 1.22000 level. 

EURUSD chart analysis

During the Asian trading session, the pair EURUSD managed to maintain its axis above the 1.06000 level. Everything is calm now, and the EURUSD pair is moving sideways without sudden movements on the chart. We could say that we have a slight bullish consolidation and that we could see the pair at the 1.06500 level. For a bullish option, we need the euro to break above and then try to hold above there. With a new bullish impulse, we would see a continuation of the recovery.

Potential higher targets are 1.07000 and 1.07500 levels. We need a negative consolidation and a retracement to the 1.06000 support level for a bearish option. A breakout of the euro below would take us to the previous support at the $1.05750 level. If we break that support below, the pair could drop to last week’s support levels. Potential lower targets are 1.05500 and 1.05000 levels.

GBPUSD chart analysis

Pair GBPUSD continues to remain under pressure as we fail to move above the 1.22000 level. For now, we have resistance at that level, and the pressure is moving to the 1.21000 level of support. We need a negative consolidation and a break below the support at the 1.21000 level for a bearish option. Such a scenario would signify a possible further fall of the pound to lower support levels.

Potential lower targets are 1.20500 and 1.20000 levels. We need a positive consolidation and a move above the 1.22000 level for a bullish option. Then we need to hold up there, and we start the recovery with the next bullish impulse. Potential higher targets are 1.22500 and 1.23000 levels.