EURGBP and EURCHF: EURGBP falls to 0.85000 this morning

• During this morning’s Asian trading session, EURGBP fell to a new weekly low of 0.85000. 
• On Tuesday we saw EURCHf fall to the weekly low at 0.96696 level. 

EURGBP chart analysis

During this morning’s Asian trading session, EURGBP fell to a new weekly low of 0.85000. A recovery to the 0.85100 level was initiated from the new support level. We have the EMA50 moving average in this zone and need to move above it to continue to the bullish side. Potential higher targets are 0.85150 and 0.85200 levels.

At the 0.85150 level, we will test the weekly open price and the EMA200 moving average. By crossing above these levels, we are moving to the positive side, after which we expect further recovery. We need a negative consolidation and a return to this morning’s support zone at 0.85000 for a bearish option. A renewed push to that level could initiate an impulse below to a new weekly low. Potential lower targets are 0.84950 and 0.84900 levels.

 

EURCHF chart analysis

On Tuesday we saw EURCHf fall to the weekly low at 0.96696 level. On Wednesday, the pair was consolidating in the 0.96800-0.97200 range. During this morning’s Asian trading session, the movement of EURCHF is under pressure below the daily open price at 0.97120. We need an impulse above to move us to the positive side and break the EMA50 moving average.

After that with the EMA50, we will have additional support to continue to the bullish side. Potential higher targets are 0.97400 and 0.97600 levels. We need a negative consolidation and a drop below the 0.96800 level for a bearish option. With that, we move into the support zone and put pressure on the weekly low. Potential lower targets are 0.96700 and 0.96600 levels.

 

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