EURGBP chart analysis

Yesterday, EURGBP reached a new weekly high at the 0.85597 level. After that, we stopped there and started retreating. During the Asian trading session, there was a drop below the 0.85500 level. In the EU session, we saw a continuation of support at 0.85350. For now, we are successfully holding above and are recovering slightly to the 0.85400 level. In this zone, we also have the EMA200 moving average, further complicating the situation.

If we do not return above it, the pair could easily slip to a new daily low and thus confirm the bearish momentum. Potential lower targets are the 0.85300 and 0.85250 levels. For a bullish option, we need a return above the 0.85500 level. We are again above the EMA200, and it will be much easier for us to continue growing. Potential higher targets are the 0.85550 and 0.85600 levels.

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EURCHF chart analysis

Today, EURCHF jumped to the 0.96289 level, a new weekly high. We stop there and turn to the bearish side. We are currently testing the 0.96200 support level because falling below it will create a new daily low and strengthen the bearish momentum. Potential lower targets are the 0.96150 and 0.96100 levels. In the zone around 0.96100, additional support is the EMA50 moving average.

At the 0.96000 level, we test the weekly open price, and at 0.95950, we go to the EMA200 moving average. If we manage to hold above 0.96200, we will have the opportunity to start a positive consolidation and continue on the bullish side. Potential higher targets are the 0.96300 and 0.96350 levels.

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