Tuesday, December 6, 2022
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EURUSD and GBPUSD: the market calms down 


  • During the Asian trading session, the euro managed to maintain itself at the 1.04000 level. 
  • The pound slowed the bullish trend and retreated from yesterday’s high to 1.21500.

EURUSD chart analysis

During the Asian trading session, the euro managed to maintain itself at the 1.04000 level. Today the market seems to be slowing down, and for now, there are no departures from the predicted EURUSD movement patterns. For a bullish option, we need a break to the 1.05000 level to start. After that, we need to keep up there.

Then, with a new bullish impulse, we could expect to see continued EURUSD growth. Potential higher targets are 1.05500 and 1.06000 levels. For a bearish option, we need a positive consolidation and a drop to the 1.03500 level. A break below would mean we could see further EURUSD weakening. Potential lower targets are 1.03000 and 1.02000, this week’s low.

GBPUSD chart analysis

The pound slowed the bullish trend and retreated from yesterday’s high to 1.21500. During the Asian trading session, the pair hovered around the 1.21000 level. By the end of the day, we could expect the market to be quiet due to the holidays in the United States. For a bullish option, we need a positive consolidation and a move to the 1.22000 level.

Then we must stay up there and try to push the pound’s recovery with a new bullish impulse. Potential higher targets are 1.22500 and 1.23000 levels. For a bearish option, we need a negative consolidation and pullback below 1.21000 today’s support. We could then see a drop to the 1.20000 level of support, and a break below would mean a potential deeper pullback. Potential lower targets are 1.19000 and 1.18000 levels.

GBPUSD CHart Analysis

 

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