EURGBP and EURCHF: EURGBP has fallen to a two-year low

EURGBP chart analysis

At the very opening of the market last night, EURGBP fell to the 0.83869 level, forming a new two-year low. After that, we see a consolidation at that level and a recovery to the 0.84100 level. Here, we encounter new resistance while additional pressure is exerted by the EMA 50 moving average. We are now turning to the bearish side again, and a bearish consolidation could be initiated. The pair could again find itself below 0.83950 and put pressure on the previous low.

Potential lower targets are the 0.83850 and 0.83800 levels. For a bullish option, we need a positive consolidation and a jump above the EMA 50 moving average and the 0.84100 level. With that step, we go to a new daily high and confirm the bullish momentum. Potential higher targets are the 0.84150 and 0.84200 levels.

EURCHF chart analysis

During this morning’s Asian trading session, EURCHF rose to 0.97682, forming a new July high there. After that, the pair makes a pullback at 0.97400 and gets that support. A new bullish consolidation was initiated back to the 0.97550 level from there. With this, we are back above the weekly open price. We are now on the positive side again and hope to see further growth and test the transitional high. Potential higher targets are 0.97600 and 0.97700 levels.

For a bearish option, we need a new negative consolidation and pullback to the 0.97400 level. This brings us back below the EMA 50 moving average, increasing the bearish pressure and causing the EURCHF to continue its retreat. Potential lower targets are the 0.97350 and 0.97300 levels.

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