EURGBP and EURCHF: EURCHF is sinking deeper and deeper

EURGBP chart analysis

During this morning’s Asian trading session, EURGBP initiated a strong bullish consolidation from the 0.83970 level. A daily high was formed at the 0.84300 level. The pair managed to cross the EMA 200 moving average and gain support. We are now at the weekly open price and hope to stay above it for a return to the bullish side. With potential higher targets at the 0.84350 and 0.84400 levels, there’s a promising opportunity for profit that should keep you motivated.

For a bearish option, we need a negative consolidation to EMA 200 and 0.84150. After that, the pair will be under pressure to continue the pullback below this support. This will strengthen the bearish momentum and turn again towards the previous lows. Potential lower targets are the 0.84050 and 0.84000 levels.

EURCHF chart analysis

During this morning’s Asian trading session, EURCHF continued yesterday’s bearish trend, dropping to a new weekly low at the 0.95244 level. Strong bearish momentum hints at a further retreat and a visit to lower levels. Potential lower targets are the 0.95000 and 0.94800 levels. The last time we were down there was a month ago.

For a bullish option, EURCHF must first stabilize above the 0.95400 level. If he succeeds in this, we can hope to start a bullish consolidation. A return to 0.96000 would erase today’s loss and return to the positive side. A step above, we come across the EMA 50 moving average at 0.96100. With its support, the pair could continue to grow to the bullish side. Potential higher targets are 0.96200 and 0.96400 levels.

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