EURUSD, GBPUSD new lows in sight
Pair EURUSD today made a new low this year at 1.12480 by re-testing the bottom trend line. Now we have to pay attention to what kind of consolidation the pair will form for the future trend. If the current support lasts, we can only expect to return to the bullish trend within this falling channel.
- EURUSD should make a new positive consolidation and break above 1.13000.
- We then approach the previous EURUSD refraction point at 1.13500, with a moving average MA20 resistance.
- A further bullish impulse climbs us to 1.14000 of the first subsequent resistance, and then we come to the essential zone at 1.14500, a point that can bring us back to a greater recovery.
- We need continued negative consolidation and new testing of this year’s lower low at 1.12480.
- The break below us drops to a new low this year at 1.12000.
GBPUSD chart analysis
Pair GBPUSD again tested the zone at 1.35000 this morning and then made a retreat to the 1.34000 area. We are now moving in the middle around 1.34500. In the MA20 moving average, we expect support to continue on the bullish side. Unlike EURUSD, GBPUSD has not made a new minimum this year.
- We need a break above 1.35000 to have a safer signal on the chart for potential climbing to higher levels.
- In the 1.35500 zone, the next resistance in the MA50 moving average awaits us, and if we make a break above it, we will probably visit the pre-day high at 1.36000.
- We need a further weakening of the pound and the continuation of the negative consolidation that will direct us to the previous support at 1.34000.
- The break below us descends to the previous low this year at 1.33500.
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