Investment Tips 29-05-2023 10:46 35 Views

EURUSD and GBPUSD: Euro under pressure below 1.07500

Euro and sterling remained firm on Wednesday. Why's that? 

EURUSD and GBPUSD: Euro under pressure below 1.07500

  • During the Asian session, EURUSD managed to recover to 1.07440 levels.
  • Friday’s attempt by GBPUSD to start a more concrete bullish recovery was stopped at the 1.23700 level. 

EURUSD chart analysis

During the Asian session, EURUSD managed to recover to 1.07440 levels. After that, we see a new pullback and a drop below this morning’s support at the 1.07200 level. The current negative consolidation could continue to lower this pair. Potential lower targets are 1.07100 and 1.07000 levels.

In the zone around 1.07000, we should get the next concrete support from which we would start a new recovery. For a bullish option, we need a rise above the 1.07500 level. Then we need to keep up there in order to start further recovery with a new impulse. Potential higher targets are 1.07600 and 1.07700 levels.

EURUSD chart analysis

GBPUSD chart analysis

Friday’s attempt by GBPUSD to start a more concrete bullish recovery was stopped at the 1.23700 level. From that point, the pair begins to retreat and falls to the 1.23360 level. For now, we remain in that zone and recover slightly to the 1.23480 level.

To continue on the bullish side, we need a new positive consolidation and a return to the area around the 1.23800 level. After that, we need a break above and try to hold on up there. With a new impulse, we would start the continuation of the recovery, and the potential higher targets are the 1.24000 and 1.24200 levels.

GBPUSD Chart Analysis

 

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