EURUSD and GBPUSD: EURUSD is moving back above 1.07500

EURUSD chart analysis

Despite facing new pressure yesterday, the EURUSD pair demonstrated its resilience by pulling back to the 1.07196 level. After establishing a new weekly low, the pair showed signs of stability and initiated a recovery. In the Asian trading session this morning, we observed a modest recovery to the 1.07500 level. At this point, we encounter the EMA50 moving average and await a surge in momentum to push above it.

There are promising signs for the EURUSD pair, with potential higher targets at 1.07600 and 1.07800 levels. A negative consolidation and pullback below the 1.07400 support level could present a bearish option. However, if we maintain our current trajectory, we could see a shift to the bullish side, bringing us closer to the previous low. Potential lower targets remain at 1.07200 and 1.07000 levels.

GBPUSD chart analysis

During this morning’s Asian trading session, GBPUSD managed to stabilize above the 1.27400 level. With the support of the EMA200 moving average, the pair rises to the 1.27600 level, forming a weekly high there. It is possible that we will see further recovery if this bullish consolidation continues.

Potential higher targets are 1.27700 and 1.27800 levels. We need a negative consolidation and pullback below the 1.27400 support level for a bearish option. By falling below, we move to the negative side. GBPUSD is then forced to look for a new support level. Potential lower targets are 1.27200 and 1.27100 levels. In the 1.27200 zone, we will test the weekly open price, and it would be desirable to stay above it in order to continue with the bullish trend.

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