EURUSD and GBPUSD: EURUSD is under pressure at 1.09000

EURUSD chart analysis

Yesterday, EURUSD managed to recover somewhat, climbing to 1.09730 levels. We stopped there and started a bearish consolidation that continued today. During the Asian trading session, the pair broke below 1.09450 and fell to 1.09000 this morning. We managed to stop there and return above, moving to the 1.09170 level. This could be the beginning of a new positive consolidation and recovery of the euro. Potential higher targets are 1.09400 and 1.09600 levels.

We will have additional pressure on EURUSD in the EMA50 moving average around 1.09800 levels. For a bearish option, we need to go below the support zone and form a new low. This would confirm the bearish momentum and the continuation of the fall to the bearish side. Potential lower targets are 1.08800 and 1.08600 levels.

GBPUSD chart analysis

Yesterday, we saw a jump in GBPUSD to the 1.27300 level, a place to test the price from the market opening this week. We are encountering resistance in that zone and returning to the 1.26600 level this morning. For now, we are getting support at that level, but we are still under pressure. This would lead to a fall below the support, and thus, we would form a new two-day low.

Additional pressure is also created by the EMA50 moving average from the upper side. Potential lower targets are 1.26400 and 1.26200 levels. We need a positive consolidation and a return to the 1.27000 level for a bullish option. This would allow us to rise above the EMA50, which could continue to impact the GBPUSD movement positively. Potential higher targets are 1.27200 and 1.27400 levels.

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