Euro retreats against AUD and NZD, forming new lows
- Last week’s high for EURUAD was at the 1.66119 level.
- Pair EURNZD is retreating after forming last week’s high at 1.77010 level.
EURAUD chart analysis
Last week’s high for EURUAD was at the 1.66119 level. After its formation, the pair begins to retreat below the 1.66000 level. By the end of the week, the pair continued to retreat all the way to the 1.64780 level. At this week’s opening, EURAUD continued to fall, forming a new low at the 1.64600 level. We managed to get support at that level yesterday and climb up to the 1.65000 level.
Here, we encounter new resistance and start a new retreat. We are again in the support zone and expect a break below and the formation of a new low soon. Potential lower targets are 1.64500 and 1.64400 levels. We need a positive historical consolidation and a return to the 1.65000 level and the EMA200 moving average for a bullish option. Potential higher targets if we manage to move above are 1.65200 and 1.65400 levels.
EURNZD chart analysis
Pair EURNZD is retreating after forming last week’s high at 1.77010 level. By the end of the week, the pair retreated below the 1.76000 level. We had additional pressure by falling below the EMA200, which only strengthened the bearish momentum. Yesterday, we saw a bearish continuation and pullback of EURNZD to 1.75200 levels.
During this morning’s Asian trading session, EURNZD tried to initiate a bullish consolidation but was stopped at the 1.75600 level. There, we meet a new resistance and start a retreat below the support zone, forming a new low at the 1.74900 level. The Euro is under great pressure to continue its further retreat. Potential lower targets are 1.74800 and 1.74600 levels.
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