EURGBP and EURCHF: EURCHF falls under pressure to daily low
- EURGBP surged to a significant 0.84606 level this morning, marking a new two-week high.
- During this morning’s Asian trading session, EURCHF came under pressure, which led to the initiation of a pullback.
EURGBP chart analysis
The pair EURGBP surged to a significant 0.84606 level this morning, marking a new two-week high. However, this was short-lived as a rapid bearish consolidation ensued, leading to a retreat back to the 0.84300 level. As we test this morning’s low, continuing the current bearish momentum could potentially lead to a new weekly low. Lower targets to watch for are the 0.84250 and 0.84200 levels.
Additional support is expected in the EMA 200 moving average at the 0.84250 level. A positive consolidation and a return above the 0.84400 level are crucial for a bullish option. This would bring us back above the weekly open price, significantly increasing the chances of further growth on the bullish side. Potential higher targets are 0.84450 and 0.84500 levels.
EURCHF chart analysis
During this morning’s Asian trading session, EURCHF came under pressure, which led to the initiation of a pullback. Bearish consolidation pushed the pair down to the 0.96730 level, forming a new daily low there. The EMA 50 moving average, a key indicator, creates additional pressure as we failed to hold above it. Potential lower targets are 0.95600 and 0.95400 levels.
For a bullish option, EURCHF would have to move back above the 0.96000 level. With these steps, we move to the positive side and again get the support of the EMA 50 moving average. This gives us stability so that we can start a new positive consolidation and recover to higher levels. Potential higher targets are 0.96200 and 0.96400 levels.
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