- EUR/GBP continued its previous bullish consolidation this week with support from the EMA200 moving average.
- The euro rises against the Swiss franc this week to a new high of 0.95353.
EURGBP chart analysis
EUR/GBP continued its previous bullish consolidation this week with support from the EMA200 moving average. On Tuesday we saw a jump to a new weekly high at 0.85783. After that, the pair fell to the support level at the 200 SMA at 0.85450 and continued its bullish consolidation from there.
Today, we had more volatility on the chart, and news about inflation in the Eurozone caused it. The data showed that the inflation rate at 2.8% is in line with economists’ expectations.
EUR/GBP once again tested the support of the EMA200, after which we succeeded in returning to the previous ascending channel. Possible higher targets are 0.85700 and 0.85750 levels.
The pair is under slight pressure at 0.85650, and an inability to move above it could lead to a bearish option. This could lead to a pullback to the 200 moving average, and possible low targets are the 0.85500 and 0.85450 levels.
Chart analysis of the euro against the Swiss franc
The euro rises against the Swiss franc this week to a new high of 0.95353. After that, we saw pullbacks to the support at 0.95000 yesterday. We were close to testing the weekly opening price. We are slowly approaching the EMA200 moving average, which is now located in the area around 0.94900 levels. Since the beginning of today's European trading session, the pair has been bullish, and we are very close to this week's high.
If a stronger bullish impulse occurs, it is possible that we will move higher and form a new impulse. Possible higher targets are 0.95400 and 0.95500 levels. For a bearish option, it needs negative consolidation and a drop to the support level at 0.95000. New pressure in that area could lead to a breakout below and the formation of a new low. Possible lower targets are 0.94900 and 0.94800 levels.
