EURUSD and GBPUSD: Testing The Previous Low From Friday
- Nothing new on the chart; the EURUSD pair is moving in the 0.99500-1.00500 range for the fourth day in a row.
- During the Asian session, the pound tried to recover but only managed to reach the 1.14400 level.
EURUSD chart analysis
Nothing new on the chart; the EURUSD pair is moving in the 0.99500-1.00500 range for the fourth day in a row. Today we continue in the same direction consolidating around the 1.00000 level. All three moving averages are in that zone. We need to move above the 1.00000 level for a bullish option and try to hold above. Then we need a continuation of the positive consolidation. Potential higher targets are 1.00500 and 1.01000 levels. We need a negative consolidation and a new test of the lower support zone at the 0.99500 level for a bearish option. A break below would be a sign of the continued decline of the euro against the dollar. Potential lower targets are 0.99000 and 0.98500 levels.
GBPUSD chart analysis
During the Asian session, the pound tried to recover but only managed to reach the 1.14400 level. A new pullback below the 1.14000 level followed, and we are again testing the previous low from Friday. The bearish pressure continues, and we could see further declines in the pound. We need a continuation of the negative consolidation and a drop below the 1.13500 level. If we succeed in this, the potential lower targets are the 1.13000 and 1.12500 support levels. For a bullish option, we need a new positive consolidation and to hold above the 1.14000 level, forming a new higher low. The first target is at the 1.14500 level, with additional resistance in the MA50 moving average. By moving the pound above, the potential higher targets are 1.15000 and 1.15500, and additional resistance in the MA200 moving average is at the 1.15400 level.
