EURGBP on a positive path this week, EURCHF is climbing

• EURGBP continued this week’s previous bullish consolidation supported by the EMA200 moving average.
• EURCHF is climbing this week to a new high at the 0.95353 level.

EURGBP chart analysis

EURGBP continued this week’s previous bullish consolidation supported by the EMA200 moving average. On Tuesday, we saw a jump to a new weekly high at the 0.85783 level. After that, the pair went down to support in the EMA200 at the 0.85450 level and continued with bullish consolidation from there.

Today, we had more volatility on the chart, and the news about inflation in the Eurozone caused that. The data showed that inflation at 2.8% aligns with economists’ forecasts.

EURGBP once again tested the support of the EMA200 moving average, after which we successfully returned in the previous bullish channel. Potential higher targets are 0.85700 and 0.85750 levels.

The pair is under slight pressure at the 0.85650 level, and the inability to move above could trigger a bearish option. This would cause a pullback to the EMA200, and the potential lower targets are the 0.85500 and 0.85450 levels.

EURCHF chart analysis

EURCHF is climbing this week to a new high at the 0.95353 level. After that, we saw pullbacks to support at 0.95000 yesterday. We were close to testing the weekly open price. We are slowly approaching the EMA200 moving average, which is now in the zone around 0.94900 levels. Since the beginning of today’s EU session, the pair has been bullish, and we are very close to this week’s high.

If a stronger bullish impulse occurs, we could move above and form a new one. Potential higher targets are 0.95400 and 0.95500 levels. For a bearish option, it needs a negative consolidation and a drop to the support level at 0.95000. New pressure in that zone could lead to a breakout below and form a new low. Potential lower targets are 0.94900 and 0.94800 levels.

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