EURUSD and GBPUSD: EURUSD exceeds last week’s high

• During this morning’s Asian trading session, EURUSD gained support at the 1.10300 level 
• During this morning’s Asian trading session, GBPUSD continued the previous bullish consolidation to a new high at 1.29692

EURUSD chart analysis

During this morning’s Asian trading session, EURUSD gained support at the 1.10300 level. A new high was formed at the 1.10502 level, and we skipped last week’s high. After that, the pair stopped at that level, and we started a pullback to 1.10400. The pressure is now on the euro, which could result in a continuation of the retreat and the formation of a new low. Going down to 1.10280 will test the daily open price.

EURUSD has potential for growth, with higher targets at 1.10600 and 1.10700 levels. For a bullish option, EURUSD must be maintained above the 1.10400 level. If the pair succeeds in this, we expect to see further growth above this morning’s high. Potential higher targets are 1.10600 and 1.10700 levels.

GBPUSD chart analysis

During this morning’s Asian trading session, GBPUSD continued the previous bullish consolidation to a new high at 1.29692. We currently have resistance there and are turning to the bearish side. It is quite possible that we will see a drop to the daily open price and a test of the 1.29450 level. If the pair continues to retreat, it will switch to the negative side and thus increase the pressure on the pound.

Potential lower targets are the 1.29400 and 1.29200 levels. Possible support in the EMA 50 moving average is in the zone of 1.29000 levels. For a bullish option, we need a bullish consolidation and a break above the 1.29962 level. Thus, the pound rises to a new high and strengthens the bullish momentum. Potential higher targets are the 1.29800 and 1.30000 levels.

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