EURUSD and GBPUSD: The Euro is below 1.09000 now

• Pair EURUSD continues with a bearish trend and pressure below the EMA50 moving average.
• Pair GBPUSD managed to maintain its weekly movement above the 1.27000 level.

EURUSD chart analysis

Pair EURUSD continues with a bearish trend and pressure below the EMA50 moving average. This week’s low was at the 1.08330 level yesterday, after which we see the euro return to the zone around the EMA50 moving average. During the Asian trading session, we managed to maintain around the 1.08850 level, and now we see a new pullback in the EU session.

The current bearish consolidation is pushing us below the 1.08800 level, and based on that, we expect a continuation of the decline. We are again looking towards yesterday’s support zone, and potential lower targets are 1.08500, 1.08400 and 1.08300 levels. For a bullish option, we need a new positive consolidation and a return of EURUSD above the 1.09000 level. So we would be back above the EMA50 moving average. With his support, we are expected to see a continued euro recovery. Potential higher targets are 1.09100 and 1.09200 levels.

GBPUSD chart analysis

Pair GBPUSD managed to maintain its weekly movement above the 1.27000 level. The rising limit is currently at 1.27800, representing this week’s resistance. We can also notice that the pair is moving above the EMA50 moving average.

We need a positive consolidation and a move up to the 1.27600 level for a bullish option. Then we need to hold on there, and with a new impulse, we would start the further recovery of the pound. Potential higher targets are 1.27800 and 1.28000 levels.

We need a negative consolidation and pullback to the 1.27000 support level for a bearish option. A break below that level would drop us below the EMA50 moving average. And that would mean that the pound would probably start a longer retreat. Potential lower targets are 1.26800 and 1.26600 levels.