EURGBP and EURCHF: EURCHF halted its fall this morning
- During this morning’s Asian trading session, EURGBP encountered resistance in the zone of 0.84300
- EURCHF retreated to a new weekly low at 0.93528 last night
EURGBP chart analysis
During this morning’s Asian trading session, EURGBP encountered resistance in the zone of 0.84300. The pair initiated a pullback from that zone to a new weekly low at 0.84026. We were able to stop the further pullback after the formation of this low. The pair is now trying to get rid of the bearish pressure and start a recovery. We are currently at the 0.84170 level in a mild bullish consolidation.
EURGBP needs to bounce back above 0.84300 to gain additional support at the EMA50 moving average. If it succeeds in this, the pair will have stronger momentum to continue on the bullish side. Potential higher targets are the 0.84400 and 0.84500 levels. For a bearish option, we need a negative consolidation and a return down to the 0.84000 support level. With that step, we will strengthen the bearish momentum for the price to start a further retreat. Potential lower targets are the 0.83900 and 0.83800 levels.
EURCHF chart analysis
EURCHF retreated to a new weekly low at 0.93528 last night. After that, in the Asian trading session, we watched the movement in the 0.93530-0.93700 range. Now, we are just seeing a bullish impulse and an indication of a possible continuation to the bullish side. The pair is now at 0.93850 and could soon test the EMA50 moving average. EURCHF is on a roll, and we could easily see a break above and a jump to a new daily high.
Potential higher targets are 0.94000 and 0.94100 levels. For a bearish option, we need to return in this morning’s movement range first of all. After that, we expect EURCHF to make a new push to the previous low. This time, an impulse below to a new low is possible, thus confirming the continuation to the bearish side. Potential lower targets are 0.93500 and 0.93400 levels.
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