EURUSD and GBPUSD: EURUSD is moving above 1.07250 level

• During the Asian trading session, EURUSD was in a bullish consolidation up to 1.07400. 
• During the Asian trading session, GBPUSD was in a bullish consolidation from the 1.24460 level.

EURUSD chart analysis

During the Asian trading session, EURUSD was in a bullish consolidation up to 1.07400. In the EU session, we encounter resistance, and the pair begins a new retreat, currently descending to the 1.07250 level. We will try to look for support at the 1.07200 level and start a new bullish consolidation from there. Potential higher targets are 1.07500 and 1.07600 levels. We will have additional pressure at the 1.07600 level in the EMA50 moving average.

We need a negative consolidation and a new pullback to the 1.07000 level for a bearish option. We would be in the support zone again and could test 1.06860, the previous low. Potential lower targets are 1.06600 and 1.06500 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD was in a bullish consolidation from the 1.24460 level. Formoran is a new daily high at the 1.25300 level, after which we see resistance at that level and the beginning of a new pullback. We are on our way to visit the 1.25000 support level again. A break below could see us see another test of last week’s low at the 1.24460 level. Potential lower targets are 1.24250 and 1.2400 levels.

We need a positive consolidation and a move to the 1.25500 level for a bullish option. In that zone, we encounter the EMA50 moving average, which could increase the pressure on the pound. A break above would have a positive effect, and we would probably see a further continuation to the bullish side. Potential higher targets are 1.26000 and 1.26250 levels.