EURGBP and EURCHF: EURGBP is recovering successfully
- This week, we are looking at a bullish consolidation of the EURGBP with support from the EMA 50 moving average
- During this morning’s Asian trading session, EURCHF once again dropped to this week’s support zone
EURGBP chart analysis
This week, we are looking at a bullish consolidation of the EURGBP with support from the EMA 50 moving average. This morning, we climbed to a new weekly high at the 0.84354 level. Everything indicates that we have good momentum to continue further growth above the 0.84400 level. This moves us above the EMA 200 moving average and receives its support. Potential higher targets are 0.84500 and 0.84600 levels.
For a bearish option, we need a negative consolidation and a drop below the EMA 50 moving average and the 0.84200 level. EURGBP would then be in a position to look for new support at the weekly open price. The inability to hold the pair above will result in a break below and the formation of a new daily low. Potential lower targets are the 0.84100 and 0.84000 levels.
EURCHF chart analysis
During this morning’s Asian trading session, EURCHF once again dropped to this week’s support zone. We managed to gain support once again and recover to the 0.93925 level. We have crossed the EMA 50 moving average and have its support for now. If the support holds, a continuation to the bullish side will follow. Potential higher targets are 0.94000 and 0.94100 levels.
The EMA 200 moving average provides additional resistance and obstacles in the 0.94100 zone. For a bearish option, we need a negative consolidation and a new pullback to the 0.93700 support zone. This would only increase the pressure on this zone, and we could see a breakout below to a new low. Potential lower targets are the 0.93600 and 0.93500 levels.
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