EURUSD and GBPUSD: EURUSD remains below 1.08250 for now

• Yesterday, EURUSD retreated to a weekly low at the 1.07960 level.
• Pair GBPUSD slipped yesterday to 1.26126 levels, forming a weekly low.

EURUSD chart analysis

Yesterday, EURUSD retreated to a weekly low at the 1.07960 level. After forming a bottom at that level, the pair returned above the 1.08000 level by the end of the day. During the Asian trading session, the euro rises to the 1.08200 level, but it encounters the EMA200 moving average there. In a short time, we descend to new support at the 1.08100 level. The pair initiates a bullish impulse from there to 1.08200, and we test the EMA200 again.

We need a new impulse that will move us above these resistances. If they manage to do that, EURUSD would have a chance to start a bigger recovery. Potentially higher targets are 1.08300 and 1.08400 levels. For a bearish option, we need a pullback and a drop below the Asian low price. With that, we would move to the bearish side. Potential lower targets are 1.07900 and 1.07800 levels.

GBPUSD chart analysis

Pair GBPUSD slipped yesterday to 1.26126 levels, forming a weekly low. After that, support followed, and we started the recovery. During the Asian trading session, the pair stabilized above the 1.26250 level. In the EU session, GBPUSD breaks above and jumps to 1.26400. In the zone around 1.26500, we have additional resistance in the EMA200 moving average, and we would have to jump over it to continue to the bullish side.

Potentially higher targets are 1.26600 and 1.26700 levels. For a bearish option, we need a pullback below the 1.26250 Asian low price. This brings us back to yesterday’s support zone. A new visit could lead to a drop below and the formation of a new low. Potential lower targets are 1.26100 and 1.26000 levels.

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