EURGBP and EURCHF: EURGBP is looking for support at 0.85200
- Last Friday, EURGBP rose to the 0.85408 level, thus breaking above the EMA200 moving average.
- During this morning’s Asian trading session, EURCHF tried to hold above the 0.97800 level.
EURGBP chart analysis
Last Friday, EURGBP rose to the 0.85408 level, thus breaking above the EMA200 moving average. This was followed by a pullback to the support of the 0.85100 level. During this morning’s Asian session, a new positive consolidation was initiated, this time to the 0.85350 level. We have resistance at that level and pull back to 0.85200 and the EMA200 moving average.
We expect to find new support here and retest at the 0.85200 level. If we succeed in this, a new positive consolidation and turn to the bullish side will follow. Potential higher targets are 0.85300 and 0.85400 levels. We need a break below the 0.85100 support level for a bearish option. After that, we move to the bearish side and will be under pressure to start a further pullback. Potential lower targets are 0.85050 and 0.85000 levels.
EURCHF chart analysis
During this morning’s Asian trading session, EURCHF tried to hold above the 0.97800 level. The EU session again strengthens the bearish pressure, and a new three-week low is formed at the 0.97614 level. We are currently at 0.97625 and expect a continuation of the pullback and the formation of a new lower low. Potential lower targets are 0.97400 and 0.97200 levels.
For a bullish option, we need a new positive consolidation of EURCHF and a return above the 0.97800 level. With this, we return to the positive side above the weekly open price. After that, we will have the opportunity to start the recovery with a bullish impulse. Potential higher targets are 0.98000 and 0.98200 levels. We could have additional resistance in the EMA50 and the 0.98000 zone.
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