EURUSD and GBPUSD: EURUSD on new July high up to 1.09000

• On Thursday, EURUSD rose to 1.09000 level.
• In the previous two days, the pair GBPUSD was in a strong bullish consolidation up to the 1.29496 level.

EURUSD chart analysis

On Thursday, EURUSD rose to 1.09000 level. We saw a strong bullish impulse at the beginning of the US session, and the reason for this was the published data on US inflation. The data showed a slight drop in inflation, which had a negative impact on the dollar. We held higher for a short time because, already in the next hour, a pullback to the 1.08600 level was initiated. During this morning’s Asian trading session, the movement took place in the 1.08600-1.08700 range.

Before the start of the EU session, the EURUSD was still under pressure and could easily slide to a new daily low. Potential lower targets are the 1.08500 and 1.08400 levels. Additional support at 1.08500 is the EMA 50 moving average, while the weekly open price is slightly below the 1.08400 level. If we manage to stay above the weekly open price, we will remain on the positive side.

GBPUSD chart analysis

In the previous two days, the pair GBPUSD was in a strong bullish consolidation up to the 1.29496 level. After forming a new 12-month high, it stopped there and retreated to the 1.29000 level. During this morning’s Asian trading session, the movement took place in the 1.29000-1.29200 range. For now, we are successfully maintaining this range, but we remain under slight pressure to see a break below to a new low.

Potential lower targets are the 1.28800 and 1.28600 levels. The EMA 50 moving average provides additional support at 1.28800. For a bullish option, we need a positive consolidation and growth above the 1.29200 level. If we succeed, we will create a position from which we could continue with further recovery. Potential higher targets are the 1.29400 and 1.29600 levels.

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