EURGBP and EURCHF: EURGBP is below the weekly open price

EURGBP chart analysis

At the start of the Asian session, EURGBP made a bearish gap from 0.84594 to 0.84414. During the Asian session, the pair stabilized around 0.84500. We saw an impulse to 0.84600 in the EU session but no strength to continue above. Additional resistance in that zone is the EMA 50 moving average. The pair bounced off the weekly open price and returned to the bearish side.

We are currently within reach of testing this morning’s high. If the current momentum continues, the EURGBP could soon slide to a new lower low. This will confirm the bearish side’s continuation and the euro’s further weakening. Potential lower targets are 0.84350 and 0.84300 levels. We need a positive consolidation and a return above the weekly open price for a bullish option. After stabilization above, we will have a good position for further growth to the bullish side. Potential higher targets are 0.84650 and 0.84700 levels.

EURCHF chart analysis

A bearish gap at the start of the Asian session lowered EURCHF from 0.97090 to 0.96800. After that, the pair started a bullish consolidation, stopping at the 0.97090 weekly open price. We are holding below for now and could see another visit to this morning’s support. Additional support in that zone is the EMA 200 moving average. Another push today at that level could have a negative impact and make a break below.

Potential lower targets are the 0.96700 and 0.96600 levels. For a bullish option, we need a positive consolidation and a jump above the EMA 50 moving average and the weekly open price. If we succeed in this, the bullish side opens for us. Potential higher targets are the 0.97300 and 0.97400 levels.

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