EURUSD and GBPUSD: EURUSD finds support at 1.07350 level

EURUSD chart analysis

On Friday, a new May high for EURUSD was formed at the 1.08126 level. After that, we saw a sideways movement in the 1.07550-1.07900 range on Monday and Tuesday. New volatility is coming overnight, which has led to a spike below the lower line this morning in the Asian session. The pair was forced to slide down to the 1.07350 level, where we encountered the EMA200 moving average.

We get that support and recover to the 1.07500 level. We need a continuation of this consolidation in order to move above the 1.07600 level, thereby jumping above the weekly open price. If we succeed in this, we move to the positive side and it will be easier for us to start further growth and recovery. Potential higher targets are 1.07800 and 1.08000 levels.

GBPUSD chart analysis

GBPUSD has been in a pullback since the start of this week. This morning, the pair formed a new weekly low at 1.24678. We are holding above and moving up to the 1.24930 level for now. We need to continue this positive consolidation and move above the 1.25000 level. Then we have to hold there and start a continuation to 1.25200, where the EMA200 moving average awaits us.

Potential higher targets are 1.25400 and 1.25600 levels. We need a negative consolidation and pullback to this morning’s support level for a bearish option. A new pressure on that level could produce an impulse below to a new weekly low. Potential lower targets are 1.24600 and 1.24500 levels. By returning to those levels, GBPUSD would fall to a new May low.

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