EURGBP and EURCHF: EURGBP recovers to 0.84600 level

EURGBP chart analysis

Yesterday, the EURGBP pair demonstrated its resilience by retesting the weekly low at the 0.84180 level. This successful test has initiated a recovery. In the Asian trading session this morning, we observed the pair finding support at the 0.84425 level and the EMA50 moving average. A daily high was formed at 0.84600, and we anticipate a climb to a new high by the end of the day, instilling optimism in the market.

The EURGBP pair has the potential to reach higher targets at the 0.84700 and 0.84800 levels. We may encounter additional resistance in the EMA200 and the 0.84750 zone. A pullback below the EMA50 and the 0.84450 could present a bearish option. However, if this occurs, the bearish momentum could increase, potentially leading to a slip to a new low. The pair’s potential lower targets are at the 0.84300 and 0.84200 levels.

EURCHF chart analysis

During this morning’s Asian trading session, EURCHF rose to 0.96850 levels, a new weekly high. After that we see a slight pullback to support at the 0.96700 level. If we manage to hold here, we can expect the continuation of the bullish consolidation above the previous high. With that, we skip the weekly open price and return to the positive side.

Potential higher targets are 0.96900 and 0.97000 levels. We need a negative consolidation and pullback below the 0.96650 level for a bearish option. Thus, we retreat below the daily open price to the negative side. This reinforces bearish momentum, and we expect the EURCHF to fall to a new low. Potential lower targets are 0.96600 and 0.96500 levels.

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