EURUSD and GBPUSD: EURUSD manages to stay above 1.09600

• During the Asian trading session, EURUSD retreated from last week’s high of 1.09733 to 1.09440.
• During the Asian trading session, GBPUSD was in retreat.

EURUSD chart analysis

During the Asian trading session, EURUSD retreated from last week’s high of 1.09733 to 1.09440. It received support at that level, and the pair initiated a certain bullish consolidation. In the EU session, the euro gained strength and climbed to the 1.09650 level. Now it is important for us to stay above 1.09500 and form a new bottom there.

We need a positive consolidation and a return around the 1.09700 resistance zone for a bullish option. Then we need to break above and try to stay up there. If we succeed in that, we could expect to see further EURUSD growth. Potential higher targets are 1.09800 and 1.09900 levels.

We need a negative consolidation and a drop below this morning’s support for a bearish option at 1.09400. Below we would see the EURUSD decline to the next support level. Potential lower targets are 1.09300 and 1.09200 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD was in retreat. We find support at the 1.28000 level. At that level, we formed a new bottom, and now we see a positive consolidation and a move up to the 1.28200 level. We could expect to see a continuation of the pound’s recovery today and a visit to the previous high at 1.28500. Potential higher targets are 1.28600 and 1.28700 levels.

We need a negative consolidation and a decline to this morning’s support level for a bearish option. Then we need a break below to continue to the bearish side. Potential lower targets are 1.27800 and 1.27600 levels.