- During the Asian session this morning, the EURGBP found resistance in the 0.84300 area.
- EURCHF retreated last night to a new weekly low at 0.93528
EURGBP Chart Analysis
During the Asian session this morning, the EURGBP found resistance in the 0.84300 zone. The pair started a pullback from that zone to a new weekly low at 0.84026. We were able to stop the further pullback after the formation of this low. The pair is now trying to get rid of the bearish pressure and start a recovery. We are currently at the 0.84170 level in a mild bullish consolidation.
EURGBP needs to rebound above 0.84300 to gain additional support at the EMA50 moving average. If it succeeds, the pair will have stronger momentum to continue on the bullish side. Possible upper targets are 0.84400 and 0.84500 levels. For a bearish option, we need a negative consolidation and a return to the support level of 0.84000. With such a move, we will strengthen the bearish momentum for the price to start a fresh pullback. Possible lower targets are 0.83900 and 0.83800 levels.
EURCHF chart analysis
EURCHF pulled back last night to a fresh weekly low at 0.93528. After that, in the Asian session, we observed the movement in the range of 0.93530-0.93700. Now, we are seeing bullish momentum and an indication of a possible continuation on the upside. The pair is now at 0.93850 and could soon test the EMA50 moving average. EURCHF is on a roll and we could easily see a break above it and a jump to a fresh daily high.
Possible upper targets are the levels of 0.94000 and 0.94100. For a bearish option, we should first return to this morning's moving range. After that, we expect EURCHF to make a new push towards the previous low. This time, a push below towards a new low is possible, which would confirm the continuation of the bearish side. Possible lower targets are the levels of 0.93500 and 0.93400.
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