EURUSD and GBPUSD: The second part of the week brings recovery
- On Wednesday, October 23, EURUSD retreated to 1.07612 to a new weekly low
- On Wednesday evening, 23 October, GBPUSD fell to a weekly low of 1.29074
EURUSD chart analysis
On Wednesday, October 23, EURUSD retreated to 1.07612 to a new weekly low. The previous time the pair was at that level was in early July. After getting new support, EURUSD started a bullish consolidation, and on Thursday, we returned above the 1.08000 level. During this morningâ€
The return to the bullish side still looks very weak, as we are back below the daily open level. We need a stronger impulse to 1.08400 to have room for consolidation above the daily open price. Potential higher targets are 1.08500 and 1.08600 levels. For a bearish option, EURUSD would first have to break the previous support level of 1.08140. With that step, we form a new daily low, and the pressure on the pair to continue with the retreat increases. Potential lower targets are 1.08100 and 1.08000 levels.
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GBPUSD chart analysis
On Wednesday evening, 23 October, GBPUSD fell to a weekly low of 1.29074. The next day, on Thursday, after a short consolidation, the pair started a bullish recovery to 1.29880 levels. During this morningâ€
Potential higher targets are 1.30000 and 1.30200 levels. At 1.30000, we will have additional resistance in the EMA 200 moving average. For a bearish option, GBPUSD needs to pull back to the 1.29600 support level. This time, we are looking for a break below and the formation of a new daily low. This confirms the strengthening of the bearish momentum, and the pair will have to continue its retreat. Potential lower targets are 1.29400 and 1.29200 levels.
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