EURGBP Pullback: How To Set Up Support At 0.85162
- Tuesday brought us a pullback in EURGBP from the 0.85700 to 0.85300 level.
- In the first two days of this week, EURCHF moved in a sideways consolidation in the 0.93400-0.93700 range.
EURGBP chart analysis
Tuesday brought us a pullback in EURGBP from the 0.85700 to 0.85300 level. Yesterday, we saw a continuation of the decline to the 0.85162 level, where we got new support and started a recovery.
During today’s Asian session, the pair moved above the 0.85300 level and formed a high at the 0.85400 level. We are currently stopping at that level and trying to hold above this morning’s support.
If we succeed, we will have a good basis for further recovery. Potential higher targets are 0.85450 and 0.85500 levels. Additional pressure on EURGBP is EMA200 and the zone around 0.85450 levels.
We need a break below the support at 0.85300 for a bearish option. Thus, we would form a new daily low, and we would be under pressure to continue down. Potential lower targets are 0.85250 and 0.85200 levels.
EURCHF chart analysis
In the first two days of this week, EURCHF moved in a sideways consolidation in the 0.93400-0.93700 range. On Wednesday, there were positive indicators and the pair starts a bullish consolidation, climbing to the 0.94244 level. During the previous Asian session, EURCHF starts to retreat from that zone and slides towards 0.94000.
Today’s pressure on the euro suggests that we could see a deeper pullback, and potential lower targets are the 0.93900 and 0.93800 levels. For a bullish option, we would have to go up to the 0.94250 level again. Then we need to hold on to that zone in order to make a break above with a new impulse and continue on the bullish side. Potential higher targets are 0.94300 and 0.94400 levels.
