EURUSD slips to 1.0900, and GBPUSD gains support at 1.2600

EURUSD chart analysis

In the first part of this week, EURUSD managed to climb up to the 1.10173 level and form a new higher high there. In this way, we formed a three-month high of EURUSD. In that zone, we encountered resistance and began a retreat that continues today. Last night, we fell to this week’s low at 1.08794. During the Asian trading session, we managed to recover only to the 1.09150 level, where we encountered new resistance and started a new pullback.

We are once again on our way to visit the 1.08880 support level. Potential lower targets are 1.08700 and 1.08600 levels. We need a positive consolidation and a jump to the 1.09200 level for a bullish option. In that zone, we come across the EMA50 moving average and need a jump above for further continuation to the bullish side. Potential higher targets are 1.09300 and 1.09400 levels.

GBPUSD chart analysis

This week’s high GBPUSD was at the 1.27334 level, formed on Wednesday morning. After that, the pair encounters resistance and falls below the 1.27000 level on Thursday until the 1.26030 level. We can say that we tested the 1.26000 support level. During the previous Asian trading session, we managed to recover to the 1.26600 level and for now, we have resistance in that zone.

We need a break above in order to get rid of the bearish pressure and start a further recovery. Potential higher targets are 1.26800 and 1.27000 levels. We need a negative consolidation and a drop below the 1.26200 support level for a bearish option. After that, we would be in a position to go down to the 1.26000 level and the EMA50 moving average. The breakout below leads to the formation of a new weekly low, and thus, we get confirmation of the bearish option. Potential lower targets are 1.25800 and 1.25600 levels.

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