EURGBP and EURCHF: EURCHF continues with pullback
- During this morning’s Asian trading session, EURGBP moved in the 0.85100-0.85200 range
- During this morning’s Asian trading session, EURCHF retreated to 0.94614 levels and reached a new weekly low
EURGBP chart analysis
During this morning’s Asian trading session, EURGBP moved in the 0.85100-0.85200 range. At the beginning of the EU session, we see a downward impulse and the initiation of bearish consolidation up to the 0.84838 level. A new weekly low was formed at that level. The pair managed to stabilize that down and recover slightly to 0.84950. If the support remains, we can hope for a EURGBP recovery above the 0.85000 level. With the return to 0.85200, we will return to the weekly open price.
Potential higher targets are the 0.85300 and 0.85400 levels. Additional resistance and this week’s obstacle is the EMA 200 moving average in the 0.85300 zone. For a bearish option, we need a negative consolidation and a new fall of EURGBP to the previous low. With that step, we will test that level again. This time, we could see an impulse below and the formation of a new weekly low. Potential lower targets are the 0.84800 and 0.84700 levels.
EURCHF chart analysis
During this morning’s Asian trading session, EURCHF retreated to 0.94614 levels and reached a new weekly low. Since the beginning of this week, the pair has been retreating and under bearish pressure. After the formation of this morning’s low, we received support and recovered to the 0.94900 level. If we plan to continue on the bullish side, we need an impulse above the 0.95000 level. There we will find support in the EMA 50 moving average for continued recovery.
Potential higher targets are 0.95200 and 0.95300 levels. For a bearish option we need a new bearish consolidation of EURCHF back to this morning’s low. This time, we could see a break above and a drop to a new weekly low. Potential lower targets are 0.94500 and 0.94400 levels.
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