By EURAUD and EURNZD: Euro under pressure yesterday and today
EURAUD has been in retreat since the beginning of this week.
During the Asian trading session, EURNZD retreated to a new weekly low at the 1.79815 level.
EURAUD chart analysis
EURAUD has been in retreat since the beginning of this week. The decline started from 1.66000, and this morning, in the Asian session, a new weekly low was formed at the 1.64860 level. We stopped there, and a strong impulse at the start of today’s EU session pushed us to the 1.65600 level. For a short while, we hoped that the euro would have the strength to start a further recovery, but the opposite happened.
New pullback and drop below EMA200 to 1.65200 level. We are getting closer to testing the 1.65000 level and this morning’s low. Potential lower targets are 1.64800 and 1.64700 levels. If we manage to get back above the EMA200 and 1.65400 levels, the pair could start a further recovery. We are again looking at today’s high as the first target, and the potential higher targets are the 1.65800 and 1.66000 levels.
EURNZD chart analysis
During the Asian trading session, EURNZD retreated to a new weekly low at the 1.79815 level. After three days, we again found ourselves below the 1.80000 level. After the support at that level, a positive consolidation was initiated and a jump to the 1.80800 level. We stayed above for a short time, and the pair started to retreat to the 1.80300 level. Here, we come across the EMA50 moving average, while the EMA200 is a little lower, around the 1.80150 level.
Failure to hold above these levels will push us below to retest this week’s low. Potential lower targets are 1.79800 and 1.79700 levels. We need a positive consolidation and stabilization above the 1.80400 level for a bullish option. After that, with the next impulse, we will have the opportunity to start a new EURNZD recovery. Potential higher targets are 1.80600 and 1.80800 levels.
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