EURGBP and EURCHF: EURGBP climbs to a new April high
- Last Friday was very positive for EURGBP, pushing it all the way to the 0.86150 level.
- EURCHF rose to 0.97269 this morning, erasing all losses from Friday.
EURGBP chart analysis
Last Friday was very positive for EURGBP, pushing it all the way to the 0.86150 level. During the Asian trading session, the pair was stable in the 0.86100-0.86150 range. As we approached the EU session, the euro gained strength, and we saw a continuation on the bullish side. The pair is currently at the 0.86330 level, and we see no signs of a potential pullback.
Potential higher targets are 0.86400 and 0.86500 levels. For a bearish option, we need a negative consolidation and pullback below the 0.86150 level, the weekly open price. Step by step, we descend to the bearish side and turn towards lower levels. Potential lower targets are 0.86000 and 0.85900 levels. Additional support for EURGBP is the EMA50 in the 0.85900 zone.
EURCHF chart analysis
EURCHF rose to 0.97269 this morning, erasing all losses from Friday. In this zone, we encounter the EMA200, and for now, we remain below that line, retreating to the 0.96900 level. There, we have the support of the EMA50 moving average, which does not allow us to go below. Some of these two moving averages will have to give way; the question is which will be the first.
There is a good chance that we will move above the EMA200 and continue the bullish consolidation. Potential higher targets are 0.97400 and 0.97500 levels. We need a pullback below the EMA50 and the 0.96900 level for a bearish option. Thus, we move away from the bullish path and turn towards the bearish side. Potential lower targets are 0.96800 and 0.69600 levels.
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