EURUSD: Analyzing the Recent Weekly Low at 1.08000

On Friday, the EURUSD fell to the 1.08000 level and formed a new weekly low there. 
On Friday, we saw the GBPUSD fall all the way to a new weekly low at the 1.25750 level. 

EURUSD chart analysis

On Friday, the EURUSD fell to the 1.08000 level and formed a new weekly low there. We were very close to testing the March low at the 1.07982 level. During this morning’s Asian trading session, the pair stayed above that support level and moved up to the 1.08200 level. For now, we have some resistance and need a stronger impulse to send us above to a new daily high.

Potential higher targets are 1.08300 and 1.08400 levels. We need a negative consolidation and a drop below the 1.08100 level for a bearish option. This brings us closer to the previous support at the 1.08000 level. This week’s new pressure could make us slide below to a new weekly low. Potential lower targets are 1.07950 and 1.07900 levels.

GBPUSD chart analysis

On Friday, we saw the GBPUSD fall all the way to a new weekly low at the 1.25750 level. During the Asian trading session, the pair tried to start a bullish consolidation, but we encountered resistance at the 1.26200 level. At the start of the EU session, we again retreat below 1.26000 and come back under bearish pressure. This could lead to a new test of last week’s low and an attack on a new one. Potential lower targets are 1.25800 and 1.25700 levels.

We need a stronger impulse above the 1.26200 level for a bullish option. Then we need to stay there above and form the bottom there. If we succeed in this, we will have the opportunity to start a bullish consolidation and start a more concrete recovery. Potential higher targets are 1.26300 and 1.26400 levels.

 

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