- Since the beginning of the year, the EURGBP maintained a bearish trend until the previous Monday and had support at the level 0.85132.
- The previous week, EURCHF moved in the range of 0.93000-0.93600.
EURGBP Chart Analysis
Since the beginning of the year, the EURGBP maintained a bearish trend until the previous Monday and had support at the level 0.85132. After support, the pair begins a slow bullish consolidation, moving each subsequent low higher, forming higher lows. On Friday we get support at the 0.85300 level and move above the EMA200 moving average. During the Asian session this morning, we saw a jump to the 0.85545 level, where we formed a daily high.
The euro is under new pressure and falls back to the level of 0.85300, but for now it does not go below. A new pressure in that area could easily reverse the outlook and send us to the lowest levels of last week. The lowest possible targets are the 0.85250 and 0.85200 levels. If we return above the EMA200, we would move to the bullish side and significantly break out of the bearish embrace.
EURCHF Chart Analysis
The previous week, EURCHF moved in the range of 0.93000-0.93600. During the Asian session, the pair tested the EMA200 moving average in the area around the 0.93600 level. For now, we are finding resistance and pulling back towards the support at the 0.93450 level. If we do not overcome this resistance, last week's support zone will be tested and new pressures will force us to go down until the formation of new lows.
If EURCHF breaks 0.93600 and EMA200, we would be freed from significant bearish pressure and could more easily initiate a bullish consolidation and transition to higher levels. The highest possible targets are the 0.93800 and 0.94000 levels.
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