EURGBP Price Levels: Master the Basics of Trading the Euro
Since the beginning of the year, EURGBP was in a bearish trend until the previous Monday and support at the 0.85132 level. In the previous week, EURCHF moved in the 0.93000-0.93600 range.EURGBP chart analysis
Since the beginning of the year, EURGBP was in a bearish trend until the previous Monday and support at the 0.85132 level. After the support, the pair begins a slow bullish consolidation, moving each subsequent lows upwards, forming higher lows. On Friday, we get support at the 0.85300 level and move above the EMA200 moving average. During this morning’s Asian trading session, we saw a jump to the 0.85545 level, where we formed a daily high.
The euro is under new pressure and makes a pullback to the 0.85300 level again, but it does not go below for now. New pressure in that zone could easily reverse the picture and send us to last week’s lower levels. Potential lower targets are 0.85250 and 0.85200 levels. Returning above the EMA200, we would move to the bullish side and significantly out of the bearish embrace.
EURCHF chart analysis
In the previous week, EURCHF moved in the 0.93000-0.93600 range. During the Asian trading session, the pair tested the EMA200 moving average in the zone around the 0.93600 level. For now, we are encountering resistance and retreating to support at the 0.93450 level. If we do not break through this resistance, we will be followed by testing of last week’s support zone, and new pressure will be forced to lower us to the formation of new lows.
With EURCHF moving above 0.93600 and EMA200, we would be freed from significant bearish pressure and could more easily initiate bullish consolidation and transition to higher levels. Potential higher targets are 0.93800 and 0.94000 levels.
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