- At the opening of the market last night, the EURGBP fell to the level of 0.83869, forming a new two-year low.
- During the Asian session this morning, the EURCHF rose to 0.97682, forming a new July high there.
EURGBP Chart Analysis
Yesterday evening at the market opening, EURGBP fell to the level of 0.83869, forming a new two-year low. After that, we see a consolidation at that level and a recovery to the level of 0.84100. Here, we find a new resistance while the EMA 50 is exerting additional pressure. We are now turning to the bearish side again and a bearish consolidation could start. The pair could again find itself below 0.83950 and put pressure on the previous low.
Possible lower targets are the levels of 0.83850 and 0.83800. For a bullish option, we need a positive consolidation and a break above the EMA 50 moving average and the level of 0.84100. With such a move, we reach a new daily high and confirm the bullish momentum. Possible upper targets are the levels of 0.84150 and 0.84200.
EURCHF chart analysis
During the Asian session this morning, EURCHF rose to 0.97682, forming a new July high there. After that, the pair retreated to 0.97400 and found that support. From there a new bullish consolidation started to the level of 0.97550. With this, we are back above the weekly opening price. We are now back on the positive side and expect to see further growth and test the transition high. Possible higher targets are the levels of 0.97600 and 0.97700.
For a bearish option, we need a new negative consolidation and a pullback to the level of 0.97400. This takes us back below the EMA 50, which increases the bearish pressure and causes EURCHF to continue its pullback. Possible lower targets are the levels of 0.97350 and 0.97300.
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