EURUSD and GBPUSD: EURUSD above EMA50 and 1.07700
During the Asian trading session, EURUSD successfully held above the 1.07700 level.
GBPUSD’s movement during the Asian trading session was confined within the 1.25150-1.25300 range.
EURUSD chart analysis
EURUSD’s movement during the Asian trading session was significant as it successfully held above the 1.07700 level, indicating a potential upward trend. This was further supported by the EMA50 moving average in that zone. As the EU session begins, the euro shows signs of strengthening, leading to a move up to the 1.07780 level.
We anticipate this positive consolidation to continue, with a potential test of Friday’s high at 1.07900. By the end of the week, the pair could test 1.08000 and aim to stabilize above that level.
However, we must remain cautious. We need a negative consolidation and a pullback below 1.07700 and the EMA50 moving average for a bearish option.
With that step, we fall to a new daily low and confirm the current pressure on EURUSD. After that, the pair will have to pull back and look for a new support level. Potential lower targets are 1.07600 and 1.07500 levels. This is a situation that requires careful monitoring and strategic decision-making.
GBPUSD chart analysis
GBPUSD’s movement during the Asian trading session was confined within the 1.25150-1.25300 range. Notably, the pair is currently positioned on the EMA200 moving average, a crucial indicator that could significantly influence its future direction. We are now awaiting an impulse in either direction to determine the trend.
For a bullish scenario, a jump above the 1.25300 level is necessary. This would initiate a bullish consolidation, with 1.25400 (Friday’s high) as the next target. A new impulse would then likely propel us over this level, reinforcing the bullish sentiment.
Potential higher targets are 1.25500 and 1.25600 levels. We need a negative consolidation and pullback below the EMA200 and 1.25150 levels for a bearish option. Below that, we drop to a new daily low and confirm the bearish momentum. After that, we expect a pullback to a new low. Potential lower targets are 1.25000 and 1.24900 levels.
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