EURGBP and EURCHF: EURCHF in retreat below 0.96300 level

• During this morning’s Asian session, EURGBP retreated to the 0.84535 support level.
• EURCHF continues its bearish trend for the third week in a row.

EURGBP chart analysis

During this morning’s Asian session, EURGBP retreated to the 0.84535 support level. The euro is still under pressure as we see a weak retracement to the 0.84600 level. It’s crucial to note that we need a stronger bullish consolidation, a development that would significantly impact our trading strategy and potentially shift the market dynamics. Forming a high at the 0.84700 level would be a promising sign that the pair is slowly moving to the bullish side.

Looking ahead, potential higher targets are 0.84800 and 0.84900 levels, indicating a possible bullish scenario. However, we must also be prepared for a continuation of bearish consolidation and a new test of this morning’s low, which could lead to a bearish option. Holding positions for too long could result in an impulse below to a new weekly low, confirming a further pullback. In this case, potential lower targets are 0.84500 and 0.84400 levels.

EURCHF chart analysis

EURCHF continues its bearish trend for the third week in a row. A new lower low was formed at the 0.96256 level. This morning we had a breakout below last week’s low at 0.96700, after which the pair only strengthened its retreat. There are good chances to see a further pullback and the formation of a new lower low.

Potential lower targets are 0.96100 and 0.96000 levels. For a bullish option, we need the initiation of a new positive consolidation above the 0.96500 level. With that step, we have the opportunity to form a new bottom. Then, EURCHF would have to stabilize there and only then start further growth on the bullish side. Potential higher targets are 0.96600 and 0.96700 levels.

The post EURGBP and EURCHF: EURCHF in retreat below 0.96300 level appeared first on FinanceBrokerage.