EURUSD and GBPUSD: EURUSD at new weekly low at 1.08730

During the Asian trading session, EURUSD dropped to a new weekly low at 1.08730. 
During the Asian session, GBPUSD slipped to a new weekly low at 1.27300 level.

EURUSD chart analysis

During the Asian trading session, EURUSD dropped to a new weekly low at 1.08730. We are getting support at that level and are staying above it for now. The pair is in a slight bullish consolidation and needs a return above the 1.08900 level. By moving above, we form a nice bottom that we could continue on the bullish side. Potential higher targets are the 1.09000 and 1.09100 levels.

Additional pressure for EURUSD is the EMA200 moving average in the zone around 1.09000. For the bearish option, we need a pullback to the Asian low at the 1.08730 level. New pressure could influence us to move below and form a new weekly low. This confirms the continuation of the bearish side; the potential lower targets are 1.08700 and 1.08600.

GBPUSD chart analysis

During the Asian session, GBPUSD slipped to a new weekly low at 1.27300 level. For now, we are successfully maintaining above that level and slightly moving up to the 1.27450 level. We have indications that the pound could initiate a bullish consolidation that would eliminate some of yesterday’s losses. Potential higher targets are 1.27500 and 1.27600 levels.

In the zone around 1.27650, we encounter additional resistance in the EMA200 moving average. For a bearish option, we need a pullback and test of this morning’s support at 1.27300. A break below would confirm bearish pressure, seeing the pound drop to a new weekly low. Potential lower targets are 1.27200 and 1.27100 levels.

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