EURUSD and GBPUSD: EURUSD is holding above 1.06300

This week has been very volatile for EURUSD. During the Asian trading session, GBPUSD moved in the 1.21800-1.22100 range.

EURUSD chart analysis

This week has been very volatile for EURUSD. The range of movement was from 1.05166 to 1.06750 levels. We tried twice to break above the 1.06750 level, but both times, we encountered resistance, and the pair retreated.

Yesterday’s bullish attempt was stopped at the 1.06700 level. From there, we begin a pullback to support at the 1.06100 level. During the Asian trading session, EURUSD moved sideways in the 1.06100-1.06300 range.

For a bullish option, we need a positive consolidation and a break above the 1.06300 resistance level. Then, we would have to hold up there in order to start the continuation of the bullish option with new momentum.

Potential higher targets are 1.06400 and 1.06500 levels. For a bearish option, we need a negative consolidation and pullback below the 1.06100 level. Potential lower targets are 1.06000 and 1.05900 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD moved in the 1.21800-1.22100 range. We are now at the lower support line and expect to continue the growth from here and break this morning’s resistance at the 1.22100 level.

If we were to succeed, we would have the opportunity to test yesterday’s high at the 1.22258 level. A break above would lead to the formation of a new high and thus confirm the bullish momentum. Potential higher targets are 1.22300 and 1.22400 levels.

For a bearish option, we need a negative consolidation and pullback to the 1.21800 level. This is where we would test today’s support level.

A break below would lead to an increase in bearish pressure on the pound, which would result in us seeing the GBPUSD slip to lower support levels. Potential lower targets are 1.21700 and 1.21600 levels.

 

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