EURUSD and GBPUSD: The Pair EURUSD Retested The 0.99000
- During the Asian trading session, the pair EURUSD retested the 0.99000 level.
- During the Asian trading session, the pound was calm, and the pair GBPUSD moved in the range of 1.12700-1.13300.
EURUSD chart analysis
During the Asian trading session, the pair EURUSD retested the 0.99000 level. Then, we see a minor pullback to the 0.98500 level, and the euro is now trying to find that first support. For a bearish option, we need a continuation of the negative consolidation and a further pullback of the euro to the 0.98000 level. Increased pressure on the euro could lower the pair to the trend line and the 0.97500 level.
A break below this line could lead to a significant drop in the euro. Potential lower targets are 0.97000 and 0.96500 levels. For a bullish option, we need a new positive consolidation and a crossing of the 0.99000 level. Then we need to stay there and continue the further recovery of the euro with a new bullish impulse. Potential higher targets are 0.99500 and 1.0000 levels.
GBPUSD chart analysis
During the Asian trading session, the pound was calm, and the pair GBPUSD moved in the range of 1.12700-1.13300. For now, we can say that the pound has formed a new bottom at the 1.12500 level, and we could see the further recovery of the British currency.
For a bullish option, we need a positive consolidation and a new test of the 1.14000 level. Then we need to try to make a break above with a new bullish impulse. Our next target is the 1.15000 level, the previous October’s maximum. Potential higher targets are 1.15500 and 1.16000 levels. For a bearish option, we need a negative consolidation and a pullback of the pound to the 1.12000 level. If the pressure on the pound continues at that level, it is expected that we will see a further weakening of the pound.
The next target is the 1.11000 level on the lower support line, and a possible break below would continue the bearish trend. Potential lower targets are 1.10000 and 1.09000 levels.
