EURAUD Bullish Consolidation Above 1.65000 Level
- In the first two days of this week, we watched the EURAUD pull back to the 1.64580 level.
- This week was negative for EURNZD as we saw a pullback from 1.78000 to 1.75125 level.
EURAUD chart analysis
In the first two days of this week, we watched the EURAUD pull back to the 1.64580 level. On Wednesday, we found support at that level during the Asian session and climbed above the EMA200 and 1.65000 levels. On Thursday, we continue the jump to 1.66114 and stop there. During the previous Asian trading session, the pair retreated to 1.65490 levels.
We are now again looking for support in the EMA200 in the hope of starting a new bullish consolidation. Potential higher targets are 1.65800 and 1.66000 levels.
We need a negative consolidation and pullback below the support at the 1.65200 level for a bearish option. Down below, we would be under pressure to continue the retreat. Potential lower targets are 1.65000 and 1.64800 levels.
EURNZD chart analysis
This week was negative for EURNZD as we saw a pullback from 1.78000 to 1.75125 level. This lower low was formed today, and the decline started from 1.77000 during the previous Asian session. Additional pressure in that zone was exerted by the EMA200 moving average, and we failed to move above it in our attempt.
The pair is now under pressure to start a further retreat, and the potential lower targets are the 1.74750 and 1.74500 levels.
For a bullish option, we need a rise above the 1.76000 level. Then, we would need to consolidate there, before continuing to the bullish side. If we succeed in this, we will have the opportunity to return to the 1.77000 level and retest the EMA200 moving average.
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