EURUSD and GBPUSD: EURUSD in a strong bullish trend

• During this morning’s Asian trading session, EURUSD consolidated around 1.09900 level. 
• On Tuesday, GBPUSD rose to 1.28733 levels, a new weekly high. 

EURUSD chart analysis

During this morning’s Asian trading session, EURUSD consolidated around 1.09900 level.  A strong bullish consolidation and a jump to a new high of 1.10287 followed this. We are currently stopping there and moving around the 1.10200 level. It is possible that we will see a more significant pullback if we do not initiate a continuation to the bullish side soon. If EURUSD manages to hold here, it could move to a new weekly high with renewed momentum.

Potential higher targets are 1.10400 and 1.10600 levels. For a bearish option, the EURUSD would have to initiate a bearish consolidation down to the 1.10000 level. We are close to testing the daily open price. If we fail to hold above this time, the pair could easily continue to pull back. Potential lower targets are 1.09800 and 1.09600 levels. Additional support in the 1.09600 zone is the EMA 50 moving average.

GBPUSD chart analysis

On Tuesday, GBPUSD rose to 1.28733 levels, a new weekly high. After that, there is a stop in that zone and the fall of the previous bullish volume. During the Asian trading session, the pair hovered around 1.28600 levels. Data on British inflation were published at the start of the EU session. The drop in inflation pushed the pound down to the 1.28170 level. A daily low was formed at this level, and GBPUSD started a recovery from there.

The pair is now at 1.28430 and trying to stabilize above the 1.28400 level. If GBPUSD succeeds in this, he could continue on the bullish side. Potential higher targets are 1.28600 and 1.28700 levels. For a bearish option, we need a negative consolidation and a new test of this morning’s low. In that zone, we also have the EMA 50 moving average, which could be a new support. With the impulse below, we continue to the bearish side. Potential lower targets are 1.28100 and 1.28000 levels.

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