EURUSD and GBPUSD: EURUSD retreated to 1.09500 level
- This week has been very turbulent for EURUSD
- GBPUSD was in an uptrend from Monday to Thursday, forming a high at the 1.3000 level.
EURUSD chart analysis
This week has been very turbulent for EURUSD. At the beginning of the week, the euro showed the first signs of weakness, and the pair fell from 1.11400 to 1.10600 in the first half of the week. On Tuesday and Wednesday, we saw that EURUSD had recovered and jumped to 1.11400 again. That after the EBC’s announcement on Thursday about the increase in the interest rate led to a strong bearish impulse and a drop to the 1.09650 level.
During the Asian trading session, EURUSD managed to recover a little and move up to 1.09800 levels, but there we encountered new resistance. Immediately at the beginning of the EU session, this pair begins a new retreat and falls to the 1.09450 level. Potential lower targets are 1.09200 and 1.09000 levels.
We need a positive consolidation and a return above the 1.10000 level for a bullish option. Then, we need to keep up there in order to be able to start further recovery with a new impulse. Potential higher targets are 1.10250 and 1.10500 levels.
GBPUSD chart analysis
GBPUSD was in an uptrend from Monday to Thursday, forming a high at the 1.3000 level. From that level, the gunt begins to retreat, and after the EBC report, we saw a strong bearish impulse and a drop to 1.27800 levels last night.
During the Asian trading session, the pair moved in the 1.27800-1.28000 range. The pound’s failure to move above the 1.28000 level increases the bearish pressure and pushes us to test the 1.27800 support level again. For a bearish option, we need a continuation of the negative consolidation and a pullback of the GBPUSD to the 1.27500 level. With a break below, we will see a continuation pullback and testing of lower support levels.
Potential lower targets are 1.27250 and 1.27000 levels. We need a positive consolidation and a move above the 1.28000 level for a bullish option. Then, we need to maintain ourselves up there before we continue. Potential higher targets are 1.28250 and 1.28500 levels.
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