- Last week, EUR/GBP was stable until Thursday.
- During the Asian trading session, EURCHF continues its previous bullish consolidation above the 0.95400 level.
EURGBP chart analysis
Last week, EUR/GBP was stable until Thursday. On Thursday, there was a sharp decline in the value of the euro, which favored the pound. The pair is declining from 0.85700 levels to 0.85500 levels. On Friday, the pressure on the Euro increases, and we fall further to 0.85284 levels. There, we form last week's low and close the market at 0.85400.
During the Asian trading session, the pair began to consolidate upward and formed a daily high at 0.85585. Right now, we have resistance in that area and are falling back to the support at 0.85480, continuing to move in the upward channel. We will try to look for additional support at the EMA200 to continue the recovery. Possible higher targets are 0.85600 and 0.85650 levels.
Chart analysis of the euro against the Swiss franc
During the Asian trading session, EURCHF continues its previous bullish consolidation above the 0.95400 level. In the EU session, the Euro is still ahead of the Swiss Franc, pushing us towards a new yearly high at 0.95491. We expect to see the EURCHF at higher levels by the end of the week. Possible higher targets are 0.95600 and 0.96700 levels.
We need to pull back below the 0.95300 support level to get a bearish option. This would form a daily low and confirm the bearish momentum. EURCHF will be under pressure to find new support, and potential low targets are the 0.95200 and 0.95100 levels. The pair can stop the decline at the level of 0.95100 because there we are facing the EMA200, whose support we had in the last three weeks.
