EURUSD Analysis: Holding Steady Above 1.8500

• EURUSD rose to a weekly high at the 1.08797 level in the previous hour.
• Since the beginning of the week, GBPUSD has been in a bullish trend.

EURUSD chart analysis

EURUSD rose to a weekly high at the 1.08797 level in the previous hour. Since the very start of this week, the euro has remained persistent above the 1.08400 level. Yesterday’s bullish attempt was stopped at the 1.08760 level, after which the pair fell again to the 1.08400 support level. During the Asian trading session, we saw bullish consolidation and growth to today’s high. Potential higher targets are 1.08800 and 1.08900 levels.

EURUSD would have to drop again to this week’s support for a bearish option. New pressure would easily break below and form a new weekly low. The EMA200 moving average is an additional support; if it fails, a deeper pullback follows. Potential lower targets are 1.08300 and 1.08200 levels.

GBPUSD chart analysis

Since the beginning of the week, GBPUSD has been in a bullish trend. Yesterday, we formed a weekly high at the 1.27350 level. After that, the pair began to retreat from this morning’s support at the 1.26900 level. During the Asian trading session, we saw bullish consolidation and growth above the 1.27100 level. In the EU session, we continued with the recovery and climbed up to the 1.27300 level, close to the weekly high.

If today’s consolidation continues, we will likely see a break above and form a new weekly high. Potential higher targets are 1.27400 and 1.27500 levels. For a bearish option, we need a negative consolidation and a drop to the support of the 1.27000 level. There, we would test the Asian low. Potential lower targets are 1.26900 and 1.26800 levels.

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