Published: 2025-02-19T07:26:25.000Z
Chart EUR/AUD Update: Under pressure, focus on the 1.6400/1.6385 support
Technical Analyst
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Pressure remains on the downside to extend rejection from the 1.6633 high of last week
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6790/00 | ** | 3 Feb YTD, Dec highs | S1 | 1.6400 | * | congestion | |
| R3 | 1.6700 | * | congestion | S2 | 1.6385 | * | 50% Nov/Dec rally | |
| R2 | 1.6600/33 | ** | congestion, 13 Feb high | S3 | 1.6350 | * | 9 Dec low | |
| R1 | 1.6500 | * | congestion | S4 | 1.6300 | * | congestion |
Asterisk denotes strength of level
07:20 GMT - Pressure remains on the downside to extend rejection from the 1.6633 high of last week. Break of the 1.6500 level confirm a double top in place at the 1.6800 highs and see scope for retest of the 1.6400 support. The negative daily and weekly studies suggest break here likely to open up room for deeper pullback to retrace the November/December rally to the 50% Fibonacci level at 1.6385. Lower still, will see deeper pullback to the strong support at the 1.6350/1.6300 area. Meanwhile, resistance is lowered to the 1.6500 congestion which is expected to cap.