EURUSD and GBPUSD: EURUSD meets resistance at 1.08800

• EURUSD retreated to support at the 1.08350 level on Friday before the US session started.
• On Friday evening GBPUSD climbed to a new weekly high at 1.27118 level.

EURUSD chart analysis

EURUSD retreated to support at the 1.08350 level on Friday before the US session started. After that, the dollar began to weaken again and the euro took advantage of that by climbing up to the 1.08800 level. During this morning’s Asian trading session, we saw movement in the 1.08700-1.08800 range. We will probably try to stabilize at 1.08700 before continuing with further growth.

Potential higher targets are 1.08900 and 1.09000 levels. We need a negative consolidation and pullback below the EMA50 moving average and the 1.08650 level for a bearish option. In this way, we move to the bearish side and can expect to start looking for new support. Potential lower targets are 1.08500 and 1.08400, Friday’s low. EMA200 moving average is in the zone of 1.08200 levels.

GBPUSD chart analysis

On Friday evening GBPUSD climbed to a new weekly high at 1.27118 level. During the Asian trading session, the pound tried to break above but ended without success. With the start of the EU session, the pound weakens, and the pair retreats to the 1.26890 level. The pressure is now on the bearish side, and we can expect a pullback to be initiated. Potential lower targets are 1.26700 and 1.26600 levels.

We could get the first stronger support in the EMA50 moving average in the zone of 1.26750 levels. If we manage to go back up to the 1.27000 level, GBPUSD will return above the daily open price. With this, we climb to the positive side and hope for further recovery to the bullish side. Potential higher targets are 1.27200 and 1.27400 levels.

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