EURUSD and GBPUSD: EURUSD retreated to 1.07882 yesterday

EURUSD retreated to 1.07882 levels on Thursday, forming a new weekly low.
The new weekly GBPUSD low was formed yesterday at the 1.26800 level.

EURUSD chart analysis

EURUSD retreated to 1.07882 levels on Thursday, forming a new weekly low. After that, we see a successful consolidation and the initiation of a bullish consolidation. The pair recovers and climbs to the 1.08455 level, where it encounters a new resistance. During this morningâ€s Asian trading session, we saw a pullback to the 1.08100 support zone. With the start of the EU session, the euro has stabilized and is slowly climbing up to 1.08250.

We expect a test of the 1.08400 zone soon. By moving above, we get the support of the EMA200 moving average, and EURUSD could start a bullish consolidation. Potential higher targets are 1.08500 and 1.08600 levels. We need a negative consolidation and a drop below this morningâ€s support level for a bearish option. Going below, we will form a new lower low and thus confirm the bearish momentum.

 

GBPUSD chart analysis

The new weekly GBPUSD low was formed yesterday at the 1.26800 level. After that we saw a recovery to the 1.27500 level, where the new resistance is. The inability of the pound to continue on the bullish side triggers a bearish consolidation that is still current. During this morningâ€s Asian session, the pair slipped below the EMA50 and EMA200 moving averages, worsening its position on the chart.

Potential lower targets are 1.27000 and 1.26900 levels. We need a new positive consolidation and a return above the EMA200 and 1.27200 levels for a bullish option. This gives us the support of the moving average and we expect a recovery to the bullish side. Potential higher targets are 1.27400 and 1.27500 levels.

 

The post EURUSD and GBPUSD: EURUSD retreated to 1.07882 yesterday appeared first on FinanceBrokerage.