EURGBP and EURCHF: EURGBP finds support again at 0.84000

EURGBP chart analysis

On Wednesday, EURGBP retreated to the 0.83831 level, forming a new weekly low there. After a short stay in that zone, a positive consolidation and a return above the 0.84000 level were initiated. There, we got support from the EMA 50 moving average and returned to the positive side above the weekly open price. The price is now at 0.84150 and is testing resistance at the EMA 200 moving average.

We need a new bullish impulse to move above that hurdle and continue on the bullish side. Potential higher targets are the 0.84250 and 0.84300 levels. For a bearish option, we need a negative consolidation and pullback below the 0.84000 level. This would see the EURGBP pull back below the EMA 50 moving average and be under pressure to start a further pullback. Potential lower targets are the 0.83900 and 0.83800 levels.

EURCHF chart analysis

During this morning’s Asian trading session, EURCHF retreated to the 0.96498 level, forming a new weekly low. On Wednesday, the pair was under a lot of pressure, which resulted in a sharp drop from 0.97500 to 0.96560 level. Today, we see a stoppage of that decline and movement in the 0.96500-0.96700 range. We remain in the support zone, and a new impulse is needed to move us to the bullish side.

Potential higher targets are the 0.96800 and 0.96900 levels. Additional resistance awaits us at 0.97000 in the EMA 50 moving average. For a bearish option, the EURCHF needs a pullback to yesterday’s low. This will put new pressure on the weekly low. Increased bearish volatility could produce an impulse below to a new lower low. Potential lower targets are the 0.96400 and 0.96300 levels.

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