- The highest price for the euro last week was 1.66119.
- The EUR/NZD pair is declining after forming the highest level last week at 1.77010.
EURAUD chart analysis
The highest price for the euro last week was 1.66119. After its formation, the pair begins to decline below the 1.66000 level. By the end of the week, the pair continued to decline to the 1.64780 level. At the opening of this week, the EUR/AUD continued its decline, forming a new low at 1.64600. We were able to get support at this level yesterday and rise to the 1.65000 level.
Here we face new resistance and begin a new decline. We are back at the support area and expect a break down and a new low to be formed soon. Possible 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 for a bullish option. Possible higher targets if we can move above are the 1.65200 and 1.65400 levels.
EURNZD chart analysis
The EUR/NZD pair is declining after forming the highest level last week at 1.77010. By the end of the week, the pair fell below the 1.76000 level. We faced additional pressure by falling below the 200 EMA, which only served to reinforce the downside momentum. Yesterday we saw a bearish continuation and decline of the EUR/NZD to 1.75200 levels.
During the Asian trading session this morning, the New Zealand Euro attempted to initiate an upward consolidation but was halted at the 1.75600 level. There, we encounter new resistance and begin to fall below the support area, forming a new low at the 1.74900 level. The euro is under great pressure to continue its decline. Possible lower targets are 1.74800 and 1.74600 levels.
