EURUSD and GBPUSD: The Euro Retreated at the 1.00350 Level

• During the Asian session, the euro retreated from the November high at the 1.00350 level.
• During the Asian trading session, the pound retreats from yesterday’s high to the 1.15400 level.

EURUSD chart analysis

During the Asian session, the euro retreated from the November high at the 1.00350 level. This morning’s low was at the 0.99750 level, where we have some support for now. The euro is once again moving towards the 1.00000 level. We need a new positive consolidation and a move to the 1.00500 level for a bullish option.

After that, we must stay up there and start a further recovery with a new bullish impulse. Potential higher targets are the 1.01000 and 1.01500 levels. For a bearish option, we need a negative consolidation and a further pullback to the 0.99500 level. Then we need to see the break below. In the future, we could expect to see a continuation of the fall of the euro. Potential lower targets are 0.99000 and 0.98500 levels.

GBPUSD chart analysis

During the Asian trading session, the pound retreats from yesterday’s high to the 1.15400 level. This morning’s low was at the 1.14500 level. Again, we have a minor recovery to 1.14800, and we are trying to reach the 1.15000 level. We need a new break above for a bullish option and try to hold above there. After that, we expect further recovery with the next bullish impulse. Potential higher targets are 1.16000 and 1.17000 levels. We need a negative consolidation and pullback to the 1.14000 level for a bearish option. Then we need a break below, and such a move would reinforce the bearish impulse. A further fall in the pound would be very likely. Potential lower targets are 1.13000 and 1.12000 levels.