EURGBP and EURCHF: EURGBP falls to a two-week low
- Today’s movement of EURGBP takes place in the 0.85085-0.85250 range
- During this morning’s Asian session, EURCH retreated to 0.95200, a new daily low
EURGBP chart analysis
Today’s movement of EURGBP takes place in the 0.85085-0.85250 range. The pair was quite calm until a few hours ago when we saw the initiation of a bullish consolidation. Now, we expect to attack the EMA 50 moving average and climb to the 0.85300 level. After that, the pair with new support should continue to grow up to 0.85400, where we will encounter the EMA200 moving average.
In this zone, the EURGBP can expect higher resistance, and we will need an impulse above to continue on the bullish side. Potential higher targets are 0.85500 and 0.85600 levels. For a bearish option, we need a negative consolidation and a return to this morning’s low at 0.85085. This time, a reappearance in that zone could cause us to slip to a new daily low. Potential lower targets are 0.85000 and 0.84900 levels.
EURCHF chart analysis
During this morning’s Asian session, EURCH retreated to 0.95200, a new daily low. We quickly stabilized, and in the next hour, a recovery was initiated back above the daily open price to the 0.95566 level. The pair is in solid bullish momentum, and we expect to see further progress on the bullish side. Potential higher targets are the 0.95700 and 0.95800 levels.
For a bearish option, EURCHF would have to pull back below the 0.95400 level, which moves us below the EMA 50 and the daily open price. Growing bearish pressure will continue to push the pair to lower levels and increase momentum. We will retest the previous low before continuing the pullback. Potential lower targets are the 0.95100 and 0.95000 levels. Additional support is the 200 EMA and the 0.95050 level zone.
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