EURUSD moved above 1.06550, and GBPUSD under pressure

EURUSD chart analysis

During the Asian trading session, EURUSD moved above the 1.06550 level. We are increasingly holding the 1.06700 level, and it is possible that we will soon see a break above a new daily high.

This could cause a positive consolidation this week, taking us out of last week’s sideways movements. Potential higher targets are the 1.06800 and 1.06900 levels.

In the zone around 1.06850, we encounter the EMA200 moving average, and this could be a stronger threat to our further recovery. We need a negative consolidation below the 1.06500 level for a bearish option.

We are falling below the EMA50 moving average, further strengthening the bearish pressure. Potential lower targets are the 1.06400 and 1.06300 levels. Last week’s low was at the level of 1.06000.

GBPUSD chart analysis

On Friday evening, GBPUSD falls to a new April low at 1.23661. During this morning’s Asian trading session, the pair tried to initiate a recovery and only managed to reach the 1.23925 level. From there, we look at a new bearish consolidation and attack Friday’s low again. The chances are increasing that we will go to a new lower low and continue the bearish trend.

Potential higher targets are 1.23500 and 1.23400 levels. We need a positive consolidation and a return above the 1.23800 level for a bullish option. Then we need to hold on there in order to try to reach the 1.24000 level. In that zone, we are approaching the EMA50 moving average, and with its support, it would be much easier for us to proceed to the bullish side. Potential lower targets are 1.24200 and 1.24400 levels.

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