EURUSD and GBPUSD: Euro under pressure drops below 1.11500
- During this morning’s Asian trading session, EURUSD was retreating from the 1.11800 level
- On Thursday, GBPUSD rose to 1.34343 to a new weekly high
EURUSD chart analysis
During this morning’s Asian trading session, EURUSD was retreating from the 1.11800 level. Strong bearish consolidation pushed the pair to support at 1.11250. We are now fighting to get back above 1.11400 and the EMA 200 moving average. If EURUSD succeeds in this, we can hope for a new recovery and a return to the daily open level. Potential higher targets are 1.11900 and 1.12000 levels.
On Wednesday, EURUSD formed this week’s high at the 1.12142 level. The pressure to hold there was great, and we soon saw a pullback to the EMA 200. This moving average seems to be significant support for the euro to stay on the bullish side. For a bearish option, we need a negative consolidation and a decline from the 1.11200 level. This will form a new daily low and confirm that the EURUSD is under bearish pressure. Potential lower targets are the 1.11100 and 1.11000 levels.
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GBPUSD chart analysis
On Thursday, GBPUSD rose to 1.34343 to a new weekly high. After that, the pair loses momentum and turns to the bearish side. During this morning’s Asian trading session, we saw a drop below 1.3400; in the EU session, the pound continued to slide to 1.33600. Currently, the pair manages to maintain itself there and slightly recovers to the 1.34750 level. GBPUSD needs to return above 1.34000 if we want to see a continuation to the bullish side.
Potential higher targets are the 1.34200 and 1.34400 levels. For a bearish option, we need a negative consolidation and a break below today’s support at 1.33600. With that step, GBPUSD moves to a new daily low and continues the bearish trend. Potential lower targets are the 1.33400 and 1.33200 levels. 1.33200 is the weekly open level, and there, we expect greater fluctuation of the pound.
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