- The EURGBP rose to a significant level of 0.84606 this morning, marking a new two-week high.
- During the Asian session this morning, the EURCHF came under pressure, leading to the start of a pullback.
EURGBP Chart Analysis
The EURGBP pair rallied to an important level of 0.84606 this morning, marking a fresh two-week high. However, this was short-lived as a quick bearish consolidation took place, leading to a pullback to the 0.84300 level. As we test this morning’s low, continuation of the current bearish momentum could take us to a fresh weekly low. Lower targets to watch are the 0.84250 and 0.84200 levels.
Additional support is expected at the 200 EMA moving average at the level of 0.84250. Positive consolidation and a return above the 0.84400 level are crucial for a bullish option. This would take us back above the weekly opening price, which would significantly increase the chances of further growth on the bullish side. Possible higher targets are the levels of 0.84450 and 0.84500.
EURCHF chart analysis
During the Asian session this morning, the EURCHF came under pressure, which led to the start of a pullback. The bearish consolidation pushed the pair to the level of 0.96730, forming a new daily low there. The EMA 50, a key indicator, creates additional pressure as we failed to hold above it. Possible lower targets are the levels of 0.95600 and 0.95400.
For a bullish option, EURCHF would have to break above the 0.96000 level again. With these steps, we move to the positive side and regain support from the EMA 50 moving average. This gives us stability to be able to start a new positive consolidation and recover to higher levels. Possible higher targets are the 0.96200 and 0.96400 levels.
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