EURUSD and GBPUSD: The euro starts to slide

EURUSD and GBPUSD: The euro starts to slide

• During yesterday’s day, the pair EURUSD stopped at resistance at the 1.06250 level. 
• During the Asian trading session, GBPUSD was held around 1.19000 levels.

EURUSD chart analysis

During yesterday’s day, the pair EURUSD stopped at resistance at the 1.06250 level. After that, there was a pullback, and EURUSD fell to the 1.05200 level. During the Asian session, the euro was under pressure and maintained around that level. Now we see the continued weakening of the euro and the continuation of the bearish trend.

The next important level is the 1.05000 level of support, and a breakout of the euro below would mean that we will see further declines in the European currency. Potential lower targets are 1.04500 and 1.04000 levels. We need a positive consolidation and a move above the 1.05500 level for a bullish option. With such a move, we would return above the support line. Then we need a bullish impulse to trigger a further euro recovery. Potential higher targets are 1.06000 and 1.06500 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD was held around 1.19000 levels. We failed to hold there and saw a breakout below and a continuation of the bearish option. We are now close to visiting the 1.18500 support level. And if we don’t manage to hold on there, a further fall in the pound will happen. Potential lower targets are 1.18000 and 1.17500 levels.

We need a positive consolidation and a return to the 1.19500 level for a bullish option. With that, we would return above 1.19000, and we would form a bottom from which we could start a new recovery. Potential higher targets are 1.20000 and 1.20500 levels.

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