EURUSD is above 1.0760 and GBPUSD is hovering around 1.2550

• On Friday, EURUSD pulled back to 1.07237 level, forming a two-week low.
• GBPUSD retreated to the 1.25000 level on Friday, forming a two-week low.

EURUSD chart analysis

On Friday, EURUSD pulled back to 1.07237 level, forming a two-week low. After that, we held above it and moved up to the 1.07600 level. During the Asian trading session, the pair moved in the 1.07600-1.07700 range. We remain under pressure not far from last week’s low. A new test could lead to a breakout below and the formation of a new low. Potential lower targets are 1.07100 and 1.07000 levels.

For a bullish option, we need a move above the 1.07800 level. Then, we would have to stay above him. With the new impulse, we could start a further recovery up to the 1.08000 level. A break above would increase optimism for continued recovery. Potential higher targets are 1.08200 and 1.08400 levels.

GBPUSD chart analysis

GBPUSD retreated to the 1.25000 level on Friday, forming a two-week low. We get support at that level and recover to the 1.25500 level by the end of the day. During the previous Asian trading session, the pair retreated to the 1.25350 level, where it formed a higher low and, with a new impulse, climbed to the 1.25600 level. We need a continuation of positive consolidation in order to embark on further recovery. Potential higher targets are 1.25800 and 1.26000 levels.

The additional pressure and an obstacle to further bullish continuation is the EMA50 moving average in the zone around 1.2600 levels. We need a negative consolidation and pullback below the 1.25300 level for a bearish option. That would put us on track to retest last week’s low. Potential lower targets are 1.25000 and 1.24800 levels.