EURUSD and GBPUSD: EURUSD at new weekly low at 1.08300

EURUSD and GBPUSD: EURUSD at new weekly low at 1.08300

• EURUSD showed signs of a bullish trend on Tuesday, forming a new weekly high at 1.08891 level.
• After two months, GBPUSD reached 1.28000 levels again.

EURUSD chart analysis

EURUSD showed signs of a bullish trend on Tuesday, forming a new weekly high at 1.08891 level. However, the pair’s strength waned, leading to a bearish consolidation. By the end of the day, the euro retreated to the 1.08550 level. This morning’s Asian trading session saw EURUSD under pressure, descending to the EMA200 moving average at 1.08450, indicating a potential bearish trend.

Despite the support failing to hold us above, the pair made a strong bearish impulse to the 1.08300 level. This suggests potential lower targets at 1.08200 and 1.08100 levels. However, we should be prepared for a positive consolidation and a return above the EMA200 for a bullish option. If we manage to hold above, we could initiate momentum to the bullish side, with potential higher targets at 1.08600 and 1.08700 levels.

GBPUSD chart analysis

After two months, GBPUSD reached 1.28000 levels again. The joy was short-lived as a bearish consolidation was quickly initiated. By the end of the day, the pair retreated to 1.27500 levels. During the Asian trading session, we saw a continuation of the pullback to support at the 1.27460 level. After that, the pound stabilized and started a bullish impulse. We bounced up to 1.27700 and are now trying to hold above 1.27600 and the EMA50 moving average.

Potential higher targets are 1.27800 and 1.27900 levels. We need a pullback to the previous support at 1.27500 for a bearish option. Going below that, GBPUSD will test the weekly open price at the 1.27380 level. If the bearish momentum strengthens, the pound will have to look for new support. Potential lower targets are 1.27300 and 1.27200 levels.

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