EURAUD and EURNZD: Euro falls lower under pressure

EURAUD chart analysis

During this morning’s Asian trading session, the EURAUD continued its previous bearish trend. We failed to move above 1.64500 and the EMA50 moving average. This led to a turn to the bearish side and a drop to a new weekly low at the 1.64030 level. We also fell below last week’s low, thus confirming bearish pressure on the euro. Potential lower targets are 1.63800 and 1.63600 levels.

To be bullish, we would have to move above 1.64600 and approach the weekly open price at the 1.64700 level. If we have the strength to move above 1.64700, we move to the bullish side and go further to 1.65000, where the EMA200 moving average awaits us. Potential higher targets are 1.65200 and 1.65400 levels.

EURNZD chart analysis

Since the beginning of this week, EURNZD has been in a bearish consolidation. Today, we fall to a new weekly low at 1.79454 and breakthrough last week’s, forming a lower low. There is increasing pressure on the euro to continue this trend. Potential lower targets are 1.79400 and 1.79200 levels. Since the end of February, this pair has been in a strong bullish trend, and it is possible that we will see a certain larger correction in the coming period.

We need a positive consolidation and a return up to the 1.80000 level for a bullish option. This is where we will test the EMA200 moving average. By moving above it and staying above it, we increase the chances of seeing a move to the bullish side. Potential higher targets are 1.80200 and 1.80400 levels.

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