- During the Asian trading session, EUR/GBP tried to move above the 0.85600 level.
- The uptrend for the euro against the Swiss franc this week stopped on Wednesday at 0.96322.
EURGBP chart analysis
During the Asian trading session, EUR/GBP tried to move above the 0.85600 level. The Euro has come under increasing pressure as we approach the EU session, and we are starting to pull back. Very quickly, we fell below the EMA200 and 0.85500 levels. The decline did not stop there, and we fell to the level of 0.85385. We are close enough to test the previous low hit on Tuesday at 0.85353.
It could easily happen that we slip lower and form a new weekly low. Possible lower targets are 0.85350 and 0.85300 levels. For a bullish option, we need a new positive EURUSD consolidation. A return to 0.85500 levels will give us optimism that we have the strength to recover. By crossing above the EMA200 and 0.85550, we are back to the upside and expect further continuation. Possible higher targets are 0.85575 and 0.85600 levels.
Chart analysis of the euro against the Swiss franc
The uptrend for the euro against the Swiss franc this week stopped on Wednesday at 0.96322. From this level, we start the bearish consolidation and start to pull back. By the end of the day, we fell to the 0.96100 level. During the previous Asian trading session, the pair continued to decline to the 0.85900 level. There are high chances that we will see further continuation and a drop to a new daily low.
Possible lower targets are 0.95850 and 0.95800 levels. The EMA200 moving average is a step lower at 0.85750. For the bullish option, we need EURCHF to return above 0.96000. After that, we will have to form a bottom there, where we will have the opportunity to continue the recovery to the upside. Possible higher targets are 0.96100 and 0.96200 levels.
