EURGBP and EURCHF: EURCHF extends the previous bullish trend
During this morning’s Asian trading session, EURGBP retreated to 0.85440, a new daily low.
The EURCHF pair has been in a strong bullish consolidation since the market opened last night.
EURGBP chart analysis
During this morning’s Asian trading session, EURGBP retreated to 0.85440, a new daily low. We consolidated very quickly, and a recovery of the 0.85700 level followed. In this zone, we encountered the EMA 50 moving average, which introduced new uncertainty into this pair. We now have a slight pullback to 0.85580 and hope to stay above the weekly open price. If we successfully stabilize here, we can hope to start a bullish consolidation.
Potential higher targets are the 0.85800 and 0.85900 levels. For a bearish EURGBP option, a bearish consolidation below the weekly open price should be triggered. After that, we will see a decline and possible testing of this morning’s low at 0.85440. Here, the pair will try to get the bearish EMA 200 and thus stop further pullback. Potential lower targets are the 0.85400 and 0.85300 levels.
EURCHF chart analysis
The EURCHF pair has been in a strong bullish consolidation since the market opened last night. At the weekly open price, the pair is supported by the EMA 200 moving average. After that, we saw a rise to the 0.94988 level. We jumped past last week’s high and hope for further continuation to the bullish side. Potential higher targets are 0.95200 and 0.95400 levels. By jumping to 0.95400, we will form a new August high.
For a bearish option, we need a new negative consolidation. After that, the EURCHF will turn to weekly open prices and a large support zone. The inability to hold there leads to a breakout below and the formation of a new daily low. Potential lower targets are 0.94200 and 0.94000 levels.
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