EURUSD and GBPUSD: The Euro could rise to the 1.08500 level

• During this morning’s Asian trading session, EURUSD gained support at the 1.08100 level.
• Pair GBPUSD continued to move under bearish pressure and below the EMA 50 moving average.

EURUSD chart analysis

During this morning’s Asian trading session, EURUSD gained support at the 1.08100 level. After that, the pair started a bullish consolidation and climbed to 1.08400. For now, we pause at that level for a while and try to consolidate around the 1.08300 level. The EMA 50 moving average supports the pair, and we expect a continuation at the 1.08500 level.

In that zone, we have to pay attention to the EMA 200 because it could be resistance for us to continue on the bullish side. Potential higher targets are 1.08600 and 1.08700 levels. For a bearish option, we need a pullback below 1.08250 and the EMA 50 moving average. With these steps, we move slowly to the bearish side and return under bearish pressure. Potential lower targets are 1.08000 and 1.07900 levels.

GBPUSD chart analysis

Pair GBPUSD continued to move under bearish pressure and below the EMA 50 moving average. During this morning’s Asian trading session, we saw an attempt at a recovery that was stopped at the 1.28500 level. From there, we turned again to the bearish side, and we have a slight negative consolidation for now. On the lower side, important support is in the zone of 1.28200 levels.

If we break through this support, we will move to a new daily low and thus confirm the continuation of the bearish side. Potential lower targets are 1.28100 and 1.28000 levels. For a bullish option, we need positive consolidation and growth above 1.28500. This moves us above the EMA 50 moving average and gets its support. Potential higher targets are 1.28600 and 1.28700 levels.

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