- Yesterday, EURAUD fell to a new weekly low at 1.64410.
- On Wednesday and Thursday the EURNZD fell from the level 1.78700 to the level 1.76273.
EURAUD Chart Analysis
Yesterday, EURAUD fell to a new weekly low at 1.64410. After support at that level, we started a recovery to the 1.65500 level. There we find new resistance and turn back to the bearish side, returning once again to the support zone. Currently we are managing to stay there and take the first step towards the bullish side by rising to the level 1.64580.
To remove the bearish pressure, we need to continue the bullish consolidation and return above 1.65000. The possible highest targets are the 1.65200 and 1.65400 levels. If we don't, EURAUD will be forced to take another test of the weekly low. Fresh pressure could easily break below support and form a new low. The lowest possible targets are the 1.64200 and 1.64000 levels.
EURNZD chart analysis
On Wednesday and Thursday the EURNZD fell from the level 1.78700 to the level 1.76273. After that, with strong bullish momentum, we return above 1.77000 and grow to a new high today at the level of 1.77500. There we find new resistance and begin a bearish consolidation at the level 1.76750. We are very close to retesting weekly support. Stronger momentum could trigger a break below and form a new weekly low.
The lowest possible targets are the 1.76200 and 1.76000 levels. For a bullish option, the pair should first overcome the level of 1.77000. So, we need to form a new fund there. With the new support level, we have the opportunity to start a bullish consolidation and get out of the uncomfortable zone for the euro. The possible highest targets are the 1.77200 and 1.77400 levels.
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