EURUSD and GBPUSD: EURUSD on support at 1.08000 levels

• During the Asian trading session, EURUSD was in a bullish consolidation up to 1.08200.
• During the Asian trading session, GBPUSD was in a bullish consolidation up to the 1.26100 level.

EURUSD chart analysis

During the Asian trading session, EURUSD was in a bullish consolidation up to 1.08200. At the beginning of the EU session, we encounter resistance at that level and the pair retreats to the 1.080100 level. It could happen that we retest the 1.08000 level before moving further to the bullish side.

We need a fresh break above the 1.08200 level and try to hold above there. If we succeed in this, we could see a continuation of the bullish consolidation. Potential higher targets are 1.08300 and 1.08400 levels.

We need a negative consolidation and a drop below the 1.07800 previous bearish level for a bearish option. A pullback of the euro below would bring us down to a retest of the previous support zone around the 1.07650 level. Potential lower targets are 1.07600 and 1.07500 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD was in a bullish consolidation up to the 1.26100 level. There, we encounter resistance at the beginning of the EU session, and the pair makes a sudden bearish impulse and falls to the 1.25750 level. For now, we stop at that level and try to stay in that zone. A break below would mean a further weakening of the pound and a drop to the next support. Potential lower targets are 1.25600 and 1.25400 levels.

We need a positive consolidation and a return above the 1.26000 level for a bullish option. Then, we would have to hold ourselves up there before proceeding with further recovery. Potential higher targets are 1.26400 and 1.26400 levels. EMA 50 moving average awaits us in the zone around 1.26600 levels.