EURUSD And GBPUSD: Prices Could Go Down Again

EURUSD Chart Analysis

Last night EURUSD formed a new higher high at the 1.00000 level. During the Asian trading session, we see the Euro weaken and make a pullback below the 61.8% Fibonacci level. Now we already see a break below, and the pair EURUSD could go down to 0.985000, at 50.0% Fibonacci. There, we could find a more concrete support zone for a new bullish impulse. Now our goal is to form a new higher low and continue the bullish scenario that started last week. For the bearish option, we need a continuation of the negative consolidation and a drop below the 50.0% Fibonacci level. After that, we return to the previous support at the 38.2% Fibonacci level. And if the pair does not find support here either, we can expect a drop and testing of the previous low at 0.97500 and 0.96500.

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GBPUSD Chart Analysis

During the Asian trading session, the pound managed to climb up to the 1.14960 level, but it did not stay there for long, and we saw a new pullback, now already below the 1.14000 level. With the Fibonacci setting, we see that the resistance is at the 78.6% level, and now we are falling towards the 61.8% level, where we could get the next potential support. Before that, the pound could stop at the 1.13000 level because yesterday, we continued from that place to the bullish side. Potential lower targets are 1.12000 and 1.10500 at the 50.0% Fibonacci level. for a bullish option, we need a positive consolidation and a return above the 78.6% Fibonacci. After that, the pair GBPUSD would again test the previous resistance at the 1.15000 level. If the pound managed to hold in that area, it would have a great chance to break above and continue its recovery. Potential higher targets are 1.16000 and 1.17000 levels.

(Click on image to enlarge)

GBPUSD chart analysis

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