- At the start of the Asian session, the EURGBP opened a bearish gap from 0.84594 to 0.84414.
- A bearish gap at the start of the Asian session pushed EURCHF down from 0.97090 to 0.96800.
EURGBP Chart Analysis
At the start of the Asian session, the EURGBP opened a bearish gap from 0.84594 to 0.84414. During the Asian session, the pair stabilized around 0.84500. We saw a push up to 0.84600 in the European session, but there was no strength to continue above it. Another resistance in that area is the EMA 50 moving average. The pair bounced off the weekly opening price and returned to the bearish side.
We are currently on the verge of testing this morning's high. If the current momentum continues, EURGBP could soon drop to a new lower low. This would confirm the continuation of the bearish side and further weakening of the euro. Possible lower targets are the levels of 0.84350 and 0.84300. We need positive consolidation and a return above the weekly opening price for a bullish option. After stabilization above, we will have a good position for further growth to the bullish side. Possible upper targets are the levels of 0.84650 and 0.84700.
EURCHF Chart Analysis
A bearish gap at the beginning of the Asian session pushed EURCHF down from 0.97090 to 0.96800. After that, the pair started a bullish consolidation, stopping at the weekly opening price of 0.97090. We remain below for now and could see another visit to this morning’s support. Additional support in that area is the 200 EMA moving average. Another push today at that level could have a negative impact and trigger a break below.
Possible lower targets are the levels of 0.96700 and 0.96600. For a bullish option, we need a positive consolidation and a break above the EMA 50 moving average and the weekly opening price. If we succeed in doing so, the bullish side will open for us. Possible upper targets are the levels of 0.97300 and 0.97400.
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