Published: 2025-02-18T07:17:55.000Z
Chart EUR/AUD Update: Focus on the 1.6400/1.6385 support
Technical Analyst
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Extending rejection from the 1.6633 high as corrective bounce gives way to renewed selling pressure
| 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
07:15 GMT - Extending rejection from the 1.6633 high as corrective bounce gives way to selling pressure. Daily studies have turned lower from overbought areas and break of the 1.6500 level opens up room for retest of strong support at the 1.6400/1.6385 congestion and 50% Fibonacci level. Below these will see deeper pullback to retrace the November/December rally and see room for extension to the 1.6300/1.6285 area. Meanwhile, resistance is lowered to the 1.6500 congestion which is expected to cap and sustain losses from the 1.6633 high.