EURUSD and GBPUSD: EURUSD is holding above 1.08200

EURUSD chart analysis

During this morning’s Asian trading session, EURUSD continued its rise to 1.08260 levels. After forming a new weekly high, we see a stop and a slight loss of the previous bullish momentum. The pair is now at 1.08190 and turning to the bearish side. We expect to see a test of the daily open price at the 1.08120 level. If the pressure continues at that level, we will see an impulse down to a new daily low.

Potential lower targets are 1.08000 and 1.07900 levels. Additional support could be found in the EMA50 moving average in the zone of 1.07950 levels, while the EMA200 is at 1.07500. We need a positive consolidation and a jump to the 1.08300 level for a bullish option. Thus, we move to a new weekly high and confirm the bullish momentum. Potential higher targets are 1.08400 and 1.08500 levels.

GBPUSD chart analysis

GBPUSD rose to 1.27774 levels on Wednesday, forming this week’s high. During this morning’s Asian trading session, the pair is once again putting pressure on the previous high, and it is possible that we will see an impulse above. The pound has been in a surge since Tuesday and could use this trend to climb to higher levels. The dollar is under pressure due to yesterday’s holiday, and data on NFP and the unemployment rate are expected to arrive today.

Potential higher targets are 1.27900 and 1.28000 levels. We need a GBPUSD pullback below the 1.27500 level for a bearish option. In that zone, we will test the potential support of the EMA50 moving average. If the bearish momentum strengthens, the pair will not be able to hold there, and we will see a pullback to a new low. This is a sign to us that the pound has no strength and will have to look for support at lower levels. Potential lower targets are 1.27400 and 1.27300 levels.

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