Trading Life 25-01-2023 11:15 25 Views

EURUSD and GBPUSD: The euro is stable above 1.08500

EURUSD and GBPUSD: The euro is stable above 1.08500

During the Asian session, the EURUSD found support at the 1.08500 level.  During the Asian trading session, GBPUSD held above the 1.23000 level.

EURUSD chart analysis

During the Asian session, the EURUSD found support at the 1.08500 level. We then see a jump to the 1.09000 level, where we have some resistance for now. We need an impulse that would move us to the 1.09500 level, and with that, we would form a new higher high. Then, we need the euro to break above and stay above for accumulation before a new impulse could form a new support zone to continue to the bullish side.

The potential next target is the 1.10000 level. We need a negative consolidation and a new pullback to the 1.08500 support level for a bearish option. A breakout of the euro below could increase pressure on the European currency. And the euro could fall to 1.07500-1.08000, last week’s support zone.

GBPUSD chart analysis

During the Asian trading session, GBPUSD held above the 1.23000 level. We saw a small advance to the 1.23400 level, then the pound made a new pullback and turned toward the previous support zone. For a bearish option, we need a breakout below and negative consolidation. After that, we could see a drop to the 1.22000 level.

Further instability of the pound could lead to continued decline, and potential lower targets are 1.21000 and 1.20000 levels. We need a positive consolidation and a move toward the 1.24000 level for a bullish option. Then we need a breakout above and try to hold up there. With a new bullish impulse, we would continue to grow. Potential higher targets are 1.24500 and 1.25000 levels.

 

The post EURUSD and GBPUSD: The euro is stable above 1.08500 appeared first on FinanceBrokerage.

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