EURAUD AND EURNZD: Euro drops to new weekly lows

EURAUD chart analysis

During this morning’s Asian session, EURAUD retreated to a new weekly low at 1.65363 level. After that, the pair managed to stabilize there and initiate a bullish consolidation. We have recovered to the 1.66050 level and expect to see a continuation to the bullish side. The pair has solid momentum, and with a stronger impulse, it could easily cross the 200 EMA and 1.64450 level.

With that move, the EURAUD would increase its chances of recovery next week. Potential higher targets are 1.67000 and 1.67500 levels. For a bearish option, we need a negative consolidation and pullback to this morning’s support zone. With new pressure on this morning’s low, the pair could incite momentum below and form a new weekly low. Potential lower targets are 1.65000 and 1.64500 levels.

EURNZD chart analysis

A new weekly low was formed this morning at the 1.80960 level. After that, we saw the initiation of a bullish consolidation up to the 1.81580 level. There, we tested the daily open price, and for now, we are staying below it. We need a new impulse that would move the pair above to a safer zone. Then, EURNZD would stabilize there to start a further recovery.

Potential higher targets are 1.82000 and 1.82500 levels. Additional support is the EMA 50 at 1.82000, while the 200 EMA is in the 1.82500 zone. For a bearish option, we need a negative consolidation and a new drop below 1.81000. This will definitely create a new weekly low. This confirms this week’s bearish trend. Potential lower targets are 1.80500 and 1.80000 levels.

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