EURUSD is trying to move from 1.08300, GBPUSD retreated

• Since the beginning of the week, EURUSD has been in a mild bullish consolidation.
• During the Asian trading session, GBPUSD retreated to 1.26100 levels. 

EURUSD chart analysis

Since the beginning of the week, EURUSD has been in a mild bullish consolidation. We started from the 1.08080 level until yesterday until the 1.08658 level. The pair stops there, encountering the EMA200 moving average. We failed to move above and hold higher, instead seeing a pullback and drop to support at 1.08300. During the Asian trading session, the pair dropped a little further to 1.08200 levels.

Movement is quite limited today in the 1.08200-1.08350 range. We have minor bullish moves in this range that indicate we could see a breakout above the upper line. Thus, we move above the EMA50 and 1.08400 levels. We move to the positive side and get a better position from which we can continue. Potential higher targets are 1.08500 and 1.08600 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD retreated to 1.26100 levels. There, it receives support and begins a bullish consolidation that moves us above the daily open price. With this move, we move to the positive side, and now we need to stay there. We are also climbing above the EMA50 which gives us further support. If we succeed, we can start a bullish consolidation and continue the recovery to higher levels.

Potential higher targets are 1.26400 and 1.26500 levels. We need a negative consolidation and a new pullback to the 1.26100 support level for a bearish option. The new pressure could push the GBPUSD to a new daily low, thereby intensifying the pressure. Potential lower targets are 1.26000 and 1.25900 levels.