EURUSD and GBPUSD: EURUSD climbs to a new high of 1.07500

• During the Asian trading session, EURUSD moved in the zone around 1.07300 levels.
• On Friday afternoon, during the US session, we saw a strong bullish consolidation that pushed the GBPUSD to the 1.23800 level.

EURUSD chart analysis

During the Asian trading session, EURUSD moved in the zone around 1.07300 levels. With the beginning of the EU session, the euro gains strength and a real bullish impulse that crosses over the previous high and forms a new one at the 1.07565 level. For now, we have resistance at that level, and we are pulling back to the 1.07450 level. An increase in bearish pressure could cause the pair to slip below the 1.07250 level and thus form a new low. This would further increase the pressure on the euro.

Potential lower targets are 1.07000 and 1.06800 levels. For a bullish option, we need a positive consolidation and a return above the 1.07500 level. Then, we should hold up there and wait for the next bullish impulse to continue further recovery. Potential higher targets are 1.07600 and 1.07800 levels.

GBPUSD chart analysis

On Friday afternoon, during the US session, we saw a strong bullish consolidation that pushed the GBPUSD to the 1.23800 level. During the Asian trading session, the pair held above the 1.23600 level. It manages to get support at that level and starts a breakout above the previous high, forming a new one at the 1.24140 level. The bullish momentum is still active, and we could expect to see continued growth to the bullish side.

Potential higher targets are 1.24200 and 1.24400 levels. For a bearish option, we need another negative consolidation and a pullback to the 1.23600 support level. A fall in the pound below this support would indicate that the pound lacks the strength to recover further, and we will see a pullback to the next lower support. Potential lower targets are 1.23400 and 1.23200 levels.