EURUSD and GBPUSD: EURUSD is pulling back from this morning

• During this morning’s Asian session, EURUSD moved in the 1.11775-1.12000 range
• During this morning’s Asian trading session, GBPUSD retreated from last week’s high

EURUSD chart analysis

During this morning’s Asian session, EURUSD moved in the 1.11775-1.12000 range. On Friday, we climbed to the 1.12000 level for the first time this year. This morning, that level was confirmed again, and the pair is now in a slight pullback until this morning’s support. It is possible that we will see a deeper pullback, but in line with the previous bullish channel. Potential lower targets are the 1.11600 and 1.11400 levels.

Additional support for EURUSD could be the EMA 50 moving average in the zone of 1.11500 levels. The EMA 200 is lower around 1.10800. For a bullish option, we need a positive consolidation and a return above the 1.11950 level. This moves us above the daily open price, and we believe that we will test the 1.12000 level again. With the momentum above, we are going to a new weekly high and expect a continuation to the bullish side. Potential higher targets are the 1.12200 and 1.12400 levels. 

GBPUSD chart analysis

During this morning’s Asian trading session, GBPUSD retreated from last week’s high. On Friday evening, the pair rose to 1.32174 levels, this August high. We are now in a bearish consolidation and looking at a pullback. The pair is at the 1.31930 level, and the chances of seeing it at a new daily low are increasing if the current trend continues. Potential lower targets are the 1.31800 and 1.31600 levels.

The EMA 50 moving average is waiting for us in the zone of 1.31500, and there, we expect some support as we had last week. For a bullish option, we need positive consolidation and a return above the daily open price. With that step, we return to the positive side and expect testing of Friday’s high. We hope for a jump above and the formation of a new weekly high. Potential higher targets are the 1.32400 and 1.32600 levels.

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