EURUSD and GBPUSD: Euro under pressure at 1.10000 level

• During the Asian trading session, EURUSD continued its retreat from 1.10400 to 1.10050.
• During the Asian trading session, GBPUSD moved in the 1.28400-1.28600 range.

EURUSD chart analysis

During the Asian trading session, EURUSD continued its retreat from 1.10400 to 1.10050. In this zone, the Euro continues to exert pressure, and a breakout below could easily occur, and the EURUSD decline could continue. This would lead to a drop below the 1.10000 level and a possible visit to last week’s low. Potential lower targets are 1.09800, 1.09600, and 1.09400 levels.

We need a positive consolidation and a move to the 1.10400 resistance level for a bullish option. Then we need a break above and try to hold above there. After that, we can expect to see further growth and recovery of the EURUSD. Potential higher targets are 1.10600 and 1.10800 levels. We have additional resistance to the bullish trend in the EMA50 moving average in the zone around 1.10600 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD moved in the 1.28400-1.28600 range. Now, at the beginning of the EU session, we have a slight bullish impulse that could trigger a recovery of the pound. The first target is the 1.28800 level, and there, we immediately encounter potential resistance in the EMA50 moving average. A break above would be of great importance to us for further continuation on the bullish flat. Potential higher targets are 1.29000 and 1.29200 levels.

We need a negative consolidation and pullback below the 1.28400 support level for a bearish option. A fall below would increase bearish pressure, which would have a negative impact on the pound. Potential lower targets are 1.28200 and 1.28000 levels. Last week’s low GBPUSD was at 1.27620 level.