EURUSD and GBPUSD: EURUSD struggles with EMA50

• During the Asian trading session, EURUSD held above the 1.05600 level.
• During the Asian trading session, GBPUSD struggled to stay above the 1.21000 level.

EURUSD chart analysis

During the Asian trading session, EURUSD held above the 1.05600 level. At the beginning of the EU session, we saw a bearish impulse and the formation of a low at the 1.05475 level. A slight recovery pushes the euro to the 1.05600 level again, preventing it from starting a bearish consolidation.

If this hourly candlestick closes positively, we could expect that the euro has found support and is ready to start a recovery. Potential higher targets are 1.05800 and 1.06000 levels.

The euro could have additional pressure in the EMA50 moving average in the zone around 1.05700 levels. For a bearish option, we need a negative consolidation and a new EURUSD decline below the 1.05500 level.

Thus, we would form a new today’s low and confirm the bearish presence on the chart. Potential lower targets are 1.05400 and 1.05300 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD struggled to stay above the 1.21000 level. At the beginning of the EU session, the pound was indecisive. First, she jumped to 1.21340 levels, then retreated to 1.20900 levels and again above 1.21000 levels.

As long as GBPUSD is below the EMA50 moving average, the pound will be under bearish pressure to continue its pullback. Potential lower targets are last week’s support zone around 1.20700 and 1.20600 levels.

For a bullish option, we need a positive consolidation and a break above the EMA50 moving average and the 1.21400 level. Then, we would have to hold above in order to initiate a continuation of the bullish consolidation from there to higher levels. Potential higher targets are 1.21600 and 1.21800 levels.