EURUSD and GBPUSD: Euro triggers a new bullish impulse

• Yesterday we saw a pullback on the EURUSD and a fall to 1.05200 levels.
• Yesterday, GBPUSD fell to the 1.19000 level for the first time in the last month. 

EURUSD chart analysis

Yesterday we saw a pullback on the EURUSD and a fall to 1.05200 levels. The euro manages to consolidate at that level and return above the 1.05500 level. During the Asian trading session, positive consolidation continued, and we are now back above the 1.06000 level. Today’s high EURUSD was at 1.06350. We need a break above if we want to reach the 1.06500 level. Then we need to hold up there to try to climb up to the 1.07000 level. Depending on the consolidation at that level, the future EURUSD trend will also depend. We need a negative consolidation and pullback to yesterday’s resistance zone around the 1.05500 level for a bearish option. A breakout of the euro below could take us down to the 1.05000 support level. Potential lower targets are 1.04500 and 1.04000 levels.

GBPUSD chart analysis

Yesterday, GBPUSD fell to the 1.19000 level for the first time in the last month. We were last there on November 30th. After that, the pound started recovery and moved above the 1.19500 level. During the Asian trading session, the recovery continued, and the pair climbed above the 1.20000 level. This morning’s high GBPUSD was at the 1.20800 level. The pound is currently at the 1.20600 level, and we need a continuation of this positive consolidation that could move us to the 1.21000 level. A break above means that we can expect further GBPUSD growth. Potential higher targets are 1.21500 and 1.22000 levels. We need a negative consolidation and a drop below the 1.20000 level for a bearish option. After that, the bearish pressure on the pound would increase, and we could once again find yesterday’s low at 1.19000. Potential lower targets are 1.18500 and 1.18000 levels.

 

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