EURGBP and EURCHF: EURGBP jumps to 0.85700 this morning

EURGBP chart analysis

This week, we saw a stable movement of EURGBP with a slightly bullish trend supported by the EMA200 moving average. During this morning’s Asian trading session, the pair retreated to the 0.85550 level. They gained new support there. We are successfully staying there and starting a bullish consolidation to a new weekly high at the 0.85704 level.

After its formation, the pair pulls back to 0.85600 and seeks new support. We could soon get new support and start hunting for a new weekly high. Potentially higher targets are 0.85750 and 0.85800 levels. Dropping to the 0.85550 level will force us to retest the EMA200 moving average support. If we do not get support, we slide below and fall under bearish pressure to a new low. Potential lower targets are 0.85500 and 0.85450 levels.

EURCHF Chart Analysis

EURCHF has been in retreat since the start of the week until this morning, finding support at the 0.95200 level. We receive support from the EMA200 moving average in that zone and initiate a recovery. We climb to the 0.95450 level with two strong impulses, forming a new two-day high and breaking above the previous bearish formation. 

Then, the pair retraces to the 0.95300 level in search of a new foothold from which to embark on the bullish side. Potential higher targets are the 0.95500 and 0.95600 levels. We need a retracement to this morning’s support and the EMA200 moving average for the bearish option. A breakthrough below signals a retreat and a drop to a new weekly low. Potential lower targets are the 0.95100 and 0.95000 levels.

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