EURUSD and GBPUSD: the pressure is moved to the dollar
- Today we see a recovery of EURUSD from yesterday’s low to the 1.02200 level.
- The GBPUSD pair fell to the 1.18000 support level yesterday.
EURUSD chart analysis
Today we see a recovery of EURUSD from yesterday’s low to the 1.02200 level. The euro is now in a bullish consolidation, and we are slowly moving toward the 1.03000 level. If the current consolidation continues, the pair could increase to the 1.03500 level. We have a possible additional resistance at that level in the upper trend line.
A breakout of the euro above could take us up to the previous high at the 1.04000 level. Potential higher targets are 1.04500 and 1.05000 levels. For a bearish option, we need a new negative consolidation and a drop below the 1.02000 level. With that, we would drop below the support line and return to the previous growing channel. A return below the upper line of the channel could have an effect so that the pair now descends to the lower line of this channel. Potential lower targets are 1.01000 and 1.00000 levels.
GBPUSD chart analysis
The GBPUSD pair fell to the 1.18000 support level yesterday. After which, we have a new bullish consolidation, and now we are moving towards the 1.19000 level. for a bullish option, we need a positive consolidation and a move above the 1.19000 level. Then it is necessary to maintain up there and continue the recovery with a new bullish impulse.
Potential higher targets are 1.20000 and 1.21000 levels. For a bearish option, we need a negative consolidation and a new pullback to the 1.18000 support level. Then we need the pound to break below and hold there below. We would likely see the new bearish impulse and a further decline in GBPUSD. Potential lower targets are 1.17000 and 1.16000 levels.
