EURUSD and GBPUSD: This morning we saw the Euro pull back

EURUSD chart analysis

Yesterday, we saw EURUSD jump to 1.10094 levels. In a week of central bank decisions on future interest rates, the euro emerged victorious against the dollar. On Monday, we started with 1.07600, and yesterday we finished at 1.10000 levels. During the Asian trading session, the pair retreated slightly to the 1.09800 level. The support did not last in the EU session, and we see a break below and a pullback to the 1.09400 level.

The euro is currently under pressure, which could cause a further retreat and the formation of a new daily low. Potential lower targets are 1.09200 and 1.09000 levels. The EMA50 moving average is even lower, around the 1.08600 level. We need a positive consolidation and a return above the 1.09800 level for a bullish option. Up there, we would be in a position to retest yesterday’s EURUSD high. Potential higher targets are 1.10200 and 1.10400 levels.

GBPUSD chart analysis

GBPUSD made a big jump from 1.25000 to 1.27944 in the last two days. During the Asian trading session, the paise consolidated around 1.27600, only to see a break below and a drop below 1.27500. The pound is currently under pressure, which would cause a further pullback to the next support. Potential lower targets are 1.27000 and 1.26500 levels. EMA50 moving average is in the zone around 1.26250 levels.

If the pound manages to gain support at the current level and return above the 1.27800 level, we will have a new opportunity to test yesterday’s high. The breakout above us leads above the 1.28000 level, and thus, we form a new December high. Potential higher targets are 1.28250 and 1.28500 levels.

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