- During the Asian session, EURUSD managed to stay in the zone of the December high at 1.05900.
- During the Asian trading session, GBPUSD continued the bullish trend.
EURUSD chart analysis
During the Asian session, EURUSD managed to stay in the zone of the December high at 1.05900. We saw a minor price pullback to the 1.05500 level. The euro finds support at that level again, and we could see a new bullish impulse. We need a break above 1.06000 because that would break the resistance barrier.
After that, the EURUSD must stay up there and continue its recovery with positive consolidation. Potential higher targets are 1.06500 and 1.07000 levels. We need a negative consolidation and a drop to the 1.05000 support level for a bearish option. A drop in the euro below could extend the bearish scenario. Potential lower targets are 1.04500 and 1.04000 levels.
GBPUSD chart analysis
During the Asian trading session, GBPUSD continues the bullish trend. The pound managed to hold above the 1.22000 level, after which we saw a bullish consolidation. Now we could expect to climb up to the 1.23000 level and approach a previous high at the 1.23500 level. A breakout of the pound above could mean we can expect further growth.
Potential higher targets are 1.24000 and 1.24500 levels. For a bearish option, we need a negative consolidation and a return below the 1.22000 level. A break below this support zone would take us down to the next level at 1.21000. And if we don’t manage to hold here either, we will see another decline until some next support. Potential lower targets are 1.20500 and 1.20000 levels.