EURUSD and GBPUSD: EURUSD is hovering around 1.07500

• During the Asian trading session, EURUSD retreated to 1.07300 levels. 
• During the Asian trading session, GBPUSD held above the 1.25600 level. 

EURUSD chart analysis

During the Asian trading session, EURUSD retreated to 1.07300 levels. After that, the pair managed to get support at that level, and we tested the EMA50 moving average there. We have then a bullish consolidation and growth to the 1.07600 level. For now, we have resistance at that level and need a new impulse to move us above.

Potential higher targets are 1.07700 and 1.07800 levels. We need a negative consolidation and a drop below the 1.07300 level for a bearish option. Then we would fall below the EMA50 moving average, which could put additional pressure on the euro. Potential lower targets are 1.07200, 1.07100, and 1.07000 levels.

This week could be very interesting for this pair as we are expecting news from the ECB and the FED on future interest rate movements. In addition to this, we will also have reports on EU and US inflation.

GBPUSD chart analysis

During the Asian trading session, GBPUSD held above the 1.25600 level. In the last few hours, we see a bullish consolidation and a rise to the 1.25800 level. If this movement continues, the pound could soon test last week’s high at 1.25900. And above, we would be very close to reaching 1.26000 levels.

The previous time we were at that level was a month ago. We need a negative consolidation and a decline to the 1.25500 level for a bearish option. In this way, we would form a new low below this morning’s consolidation at the 1.25600 level.

Potential lower targets are 1.25250 and 1.25000 levels. This week’s important news for the pound is Wednesday’s GDP report, while the dollar has a lot of big news ahead of it.