EURUSD and GBPUSD: Euro at 1.09500 and GBP at 1.28000
During the Asian session, EURUSD formed a new June high at the 1.09625 level.
During the Asian session, GBPUSD moved to the 1.28000 level.
EURUSD chart analysis
During the Asian session, EURUSD formed a new June high at the 1.09625 level. This week was very positive for the European currency. We had a lot of very important news for both currencies, from industrial production and CPI to interest rates from both central banks, the Fed, and the ECB. The Euro skillfully used this to its advantage. EURUSD started at 1.07450 this week and is now at the 1.09400 level.
It can be said that this has been a very turbulent week for all currency pairs. Looking at this pair, we see that we have reached the zone of potential resistance around the 1.09500 level and that a certain pullback could happen. In that scenario, the pair would slide down to the 1.09000 level and look for the first support there. If we fail to maintain at that level, potential lower targets are 1.08800 and 1.08600 levels.
For a bullish option, we need a continuation of positive consolidation and a move above the 1.09500 level. Potential higher targets are 1.09800 and 1.10000 levels.
GBPUSD chart analysis
During the Asian session, GBPUSD moved to the 1.28000 level. A new June high was formed at the 1.28183 level. We started this week at the 1.25800 level, then the pair pulled back to the EMA50 moving average at 1.25000, and we have been in a bullish trend since then until now.
It has been a very successful week for the British currency. We need a positive consolidation and a new move above the 1.28000 level for a bullish option. After that, we need to stay up there so that we can continue with the recovery. Potential higher targets are 1.28250 and 1.28500 levels. If a pullback occurs, the pound could slip to 1.27500, then to the 1.27000 major support zone.
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