EURGBP and EURCHF: EURCHF falls to a two-week low at 0,97990
- Yesterday we saw a strong bearish impulse of EURGBP to a new weekly low at 0.84840.
- Since the beginning of this week, EURCHF has been in a constant bearish trend.
EURGBP chart analysis
Yesterday we saw a strong bearish impulse of EURGBP to a new weekly low at 0.84840. After the check, the pair returned up to the 0.85000 level. During this morning’s Asian trading session, the movement occurred in the 0.85000-0.85100 range. It is very possible that we will see a turn to the bullish side and get support from the EMA50 moving average. Potential higher targets are 0.85150 and 0.85200 levels.
By returning above the 0.85150 level, we skip the weekly open price. With this, we return to the positive side and it will be easier for us to start further recovery. We need a negative consolidation and pullback below the 0.85000 level for a bearish option. This is a sign that EURGBP is weakening again and must look for a new support level. Potential lower targets are 0.84950 and 0.84900 levels.
EURCHF chart analysis
Since the beginning of this week, EURCHF has been in a constant bearish trend. Yesterday, we dropped below the EMA200 moving average and the 0.98800 level. By the end of the day, the pair retreated to the 0.98638 level. During this morning’s Asian trading session, a strong retreat continued with the formation of a new weekly low at the 0.97990 level. Bearish momentum is very strong, so we expect EURCHF to fall to a new lower low.
Potential lower targets are 0.97800 and 0.97600 levels. We need a positive consolidation and stabilization above the 0.98000 level for a bullish option first. After that, we can expect an impulse to trigger a bullish recovery. Potential higher targets are 0.98200 and 0.98400 levels. EMA200 is up in the zone of 0.98800 levels.
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