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FOREX: Single Currency Weakness in Focus, EURGBP Holds 0.8300 Retest

FOREX
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  • As EURUSD continues to edge towards the 2024 lows at 1.0601, single currency weakness is also prominent in the crosses with the likes of EURCHF sliding to a near three low and EURGBP resuming its weakening trend having retested the 0.8300 handle earlier today.
  • For EURCHF, we have breached a short-term trendline, drawn from the August lows, and the next notable levels are at 0.9333 and 0.9307, the October and September lows respectively.
  • For EURGBP, we noted the weekly close below the 0.8300 handle as potentially pivotal for the cross, and it is noteworthy that we had a retest of this level over the UK data earlier today, printing a high of 0.8302.
  • Since then, we have reverted lower and the focus will be on yesterday’s low at 0.8260, ahead of 0.8250, the Apr 14 ’22 low. Below here another major support resides at 0.8203, the Mar 7 ‘22 low.
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  • As EURUSD continues to edge towards the 2024 lows at 1.0601, single currency weakness is also prominent in the crosses with the likes of EURCHF sliding to a near three low and EURGBP resuming its weakening trend having retested the 0.8300 handle earlier today.
  • For EURCHF, we have breached a short-term trendline, drawn from the August lows, and the next notable levels are at 0.9333 and 0.9307, the October and September lows respectively.
  • For EURGBP, we noted the weekly close below the 0.8300 handle as potentially pivotal for the cross, and it is noteworthy that we had a retest of this level over the UK data earlier today, printing a high of 0.8302.
  • Since then, we have reverted lower and the focus will be on yesterday’s low at 0.8260, ahead of 0.8250, the Apr 14 ’22 low. Below here another major support resides at 0.8203, the Mar 7 ‘22 low.