EURUSD slowed decline, GBPUSD near the 1.24000 level

EURUSD chart analysis

EURUSD slowed its decline this week, moving in the 1.06000-1.06500 range. This morning, we were again in the support zone at the 1.06050 level. Similar to yesterday, we get support at that level and start a bullish consolidation up to the 1.06500 level. We are retesting the resistance zone and need another impulse above to jump to a new daily high. We have the support of the EMA50 moving average, which can reflect positively on today’s trend.

Potential higher targets are 1.06550 and 1.06600 levels. We need a negative consolidation and pullback below the EMA50 and 1.06300 for a bearish option to start. After that we expect to see a continuation to the bearish side and visit this week’s support zone. Potential lower targets are 1.06200 and 1.06100 levels.

GBPUSD chart analysis

On Tuesday, GBPUSD retreated to a new weekly low at 1.24050 levels. During the Asian trading session, the pair moved and maintained around 1.24300 levels. At the start of the EU session, data on British inflation were published, which were better than expected, and this influenced us to see a bullish impulse and a jump of the pound to the 1.24800 level. We made a break above the EMA50 moving average; for now, we are stable above that level.

Potential higher targets are 1.24900 and 1.25000 levels. If we see a pullback below 1.24500 and EMA50, we are back on the bearish side again. We will be under more pressure to continue the pullback to the previous support zone. Potential lower targets are 1.24400 and 1.24300 levels.

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