EURUSD and GBPUSD: EURUSD is holding above 1.09500
Pair EURUSD continued with the bearish trend this week as well.
Pair GBPUSD fell to a new August low at 1.26200 level yesterday.
EURUSD chart analysis
Pair EURUSD continued with the bearish trend this week as well. Yesterday, a new August low was formed at the 1.09110 level. After that, the euro gains support at that level and recovers to the 1.09600 level. During the Asian trading session, we failed to break above and continue the recovery. In contrast, EURUSD retreated below the 1.09500 level and is now trying to gain support at that level.
We need a negative consolidation and a drop to the previous support zone for a bearish option. A break below would confirm a bearish option, and the euro would continue to slide even lower. Potential lower targets are 1.09000 and 1.08900 levels.
We need a positive consolidation and a break above the 1.09600 level for a bullish option. Then, we need to hold above it so that we have the opportunity to initiate further recovery. Potential higher targets are 1.09800 and 1.10000 levels. The EMA50 moving average in the zone around the 1.10000 level represents additional resistance to the bullish option.
GBPUSD chart analysis
Pair GBPUSD fell to a new August low at 1.26200 level yesterday. After that, the pound manages to stop the fall at that level and start a recovery. During the Asian trading session, the pair climbed above the 1.27000 level and formed a high at the 1.27450 level. We failed to break above, and a pullback followed. We are now back at the 1.27000 level and trying to get support at this level.
We need a negative consolidation and a drop below the current support for a bearish option. After that, we would see a pullback to the previous low at 1.2620l. Potential lower targets are 1.26000 and 1.25750 levels.
We need a positive consolidation and movement of GBPUSD to 1.27500 levels for a bullish option. Then, we should try to consolidate there before we start the recovery. Potential higher targets are 1.27750 and 1.28000 levels.
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