EURUSD and GBPUSD: The euro stagnates while the pound rises

• During the Asian trading session, the euro rose to 1.04500 levels.
• The pound continues to post gains against the US dollar.

EURUSD chart analysis

During the Asian trading session, the euro rose to 1.04500 levels. We have new resistance at that point, and now we see a reversal and a pullback to the 1.04000 level. Today is a holiday in the United States, and we will not have any major news from that market. Looking at the chart, we could see a further pullback of the euro to the next lower support.

We could look for potential first support at the 1.03500 level. A break below could already indicate a deeper pullback and correction. The potential lower target is 1.03000 and 1.02000 this-weekly low. For a bullish option, we need positive consolidation to manage to stay above the 1.04000 level. If we succeed in that, we will have a chance to see the continued recovery of the euro. Potential higher targets are 1.04500 and 1.05000 levels.

GBPUSD chart analysis

The pound continues to post gains against the US dollar. During the Asian trading session, the pound continued its bullish momentum and moved above the 1.21000 level. In the European session, we see a jump to the 1.21200 level. For a bullish option, we need a positive consolidation to continue the current trend.

If we continue in that direction, the potential higher target is the 1.22000 level, and we were there last time in August. For a bearish option, we need a negative consolidation and a pullback to the 1.20000 support level. A breakout of the pound below could mean we could see a stronger pullback to lower support levels. Potential lower targets are 1.19000 and 1.18000 levels.