EURUSD and GBPUSD: The euro is again at the 1.10000 level

During the Asian trading session, EURUSD retreated from 1.09950 levels. 
During the Asian trading session, GBPUSD retreated from 1.24500 levels to 1.24100. 

EURUSD chart analysis

During the Asian trading session, EURUSD retreated from 1.09950 levels. The pair receives support at the 1.09675 level, and with a new impulse, we return to the starting position from the market opening last night. For a bullish option, we need a break above the 1.10000 level and try to hold above there.

If we succeed in that, we will have a good start position to climb to a new seven-day high. Potential higher targets are 1.10100 and 1.10200 levels. We need another negative consolidation and a drop below this morning’s support level for a bearish option. After that, EURUSD could go down to the 1.09500 level and try to get the next support there.

GBPUSD chart analysis

During the Asian trading session, GBPUSD retreated from 1.24500 levels to 1.24100. At the beginning of the EU session, the pair GBPUSD gains support at that level and initiates a new bullish impulse. Now we are again within reach of 1.24500 levels and could expect a potential break above.

Potential higher targets are 1.24600 and 1.24700 levels. Additional support for the bullish trend is in the EMA50 4H moving average. We need a negative consolidation and pullback to this morning’s support at the 1.24100 level for a bearish option. With a break below, we would likely test the 1.24000 level. And if the further decline continues, we will look for support in last week’s support zone of 1.23600-1.23800.

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