EURUSD and GBPUSD: EURUSD on the bullish side this morning

• On Thursday, the EURUSD retreated to a new weekly low at 1.09000
• During this morning’s Asian session, GBUPSD was under pressure from the EMA 50 moving average

EURUSD chart analysis

On Thursday, the EURUSD retreated to a new weekly low at 1.09000. We stayed down for a short time because the bullish consolidation up to the 1.09400 level was started very quickly. During this morning’s Asian trading session, the pair continued to rise above the EMA 50 moving average. In the EU session, we see a strengthening of the bullish momentum to a new daily high at the 1.09500 level.

EURUSD should take advantage of this momentum and form a new daily high by the time the market opens tonight. Potential higher targets are 1.09600 and 1.09800 levels. For a bearish option, we need first to get back below the EMA 50 and 1.09400. After that, we should see a strengthening of the bearish momentum and a drop from 1.09200 to a new daily low. Potential lower targets are 1.09000 and 1.08800 levels.

GBPUSD chart analysis

During this morning’s Asian session, GBUPSD was under pressure from the EMA 50 moving average. With the beginning of the EU session, the pound began to show signs of recovery with an impulse up to the 1.30800 level. That is not enough to keep us above EMA 50, and we need a continuation of bullish consolidation. After that, we can expect to go back to 1.31000 and skip yesterday’s high. Potential higher targets are 1.31200 and 1.31400 levels.

In the 1.31400 zone, we expect resistance in the EMA 200 moving average before continuing on the bullish side. For a bearish option, we need a negative consolidation and pullback to this morning’s low at 1.03400. A new pressure on the support level could make us see an impulse below and the formation of a new daily low. Potential lower targets are 1.30200 and 1.30000 levels.

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