EURUSD and GBPUSD: EURUSD climbed above 1.07000

EURUSD chart analysis

During the Asian trading session, EURUSD rose to 1.071444 levels. There, we formed a weekly high, after which we saw a pullback. The decline was stopped at the 1.06800 level. There, we have additional support in the EMA200 moving average, and we could see the initiation of a new bullish consolidation from there. Potential higher targets are 1.07000 and 1.07100 levels.

A break below these support levels would extend the previous bearish consolidation. After that, EURUSD will have to look for new support at lower levels. Potential lower targets are 1.06700 and 1.06600 levels. In the zone around 1.06600, we will test the weekly open price, and it will be very important how we will move there and we will continue to stay above it.

GBPUSD chart analysis

During the Asian session, GBPUSD rose to 1.24648 levels. After that, the pair begins to pull back down to 1.24300 and falls below the EMA200 moving average. The pound is now under pressure, which could lead to a continuation of bearish consolidation and a drop to a new daily low. Potential lower targets are 1.24200 and 1.24000 levels.

We need a positive consolidation and a return above the EMA200 and 1.24500 levels for a bullish option. With that step, we return to the bullish side and receive the support of the moving average. After that, it will be much easier for us to continue the bullish side. Potential higher targets are 1.24600 and 1.24700 levels.

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