- The EURGBP pair fell to a fresh weekly low on Friday at the 0.84528 level.
- During the Asian session this morning, we saw the EURCHF pull back.
EURGBP Chart Analysis
The EURGBP pair fell to a new weekly low on Friday at the level of 0.84528. During the Asian session this morning, we saw an attempt to hold above the daily opening level. In the EU session, the EURGBP broke below it and dropped to a new daily low at the level of 0.84595. We are still in that zone and expect to see a continuation on the bearish side. Possible lower targets are the levels of 0.84500 and 0.84400.
For a bullish option, EURGBP would need to break above the daily opening price first. Then, if the pair wanted to continue its recovery, it would need to hold. After that, we need a boost to start a bullish consolidation, a break above 0.84800 and the EMA 50 moving average. This gives us the moving average support to continue on the bullish side. Potential higher targets are the 0.84900 and 0.85000 levels.
EURCHF chart analysis
During the Asian session this morning, we saw the EURCHF retreating. In the European session, the decline continued with the formation of a new low at 0.94522. For now, we are successfully holding above and slightly moving towards the level of 0.94650. We need a stronger bullish momentum to trigger a more concrete bullish consolidation. In the area of 0.94800, we meet the EMA 50 moving average, where we could find its support.
This would add to the optimism that EURCHF has the strength to recover. Possible upper targets are the 0.94900 and 0.95000 levels. On rising to 0.95000, we get support and the EMA 200 moving average. For a bearish option, we need EURCHF to fall below the 0.94500 level. With that, we move to a new weekly low, which confirms our stay on the bearish side. Possible lower targets are the 0.94400 and 0.94300 levels.
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