Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/AUD downside pressure builds, key support level in focus

• EUR/AUD declined on Tuesday  as downbeat economic data in the euro zone weighed on euro.

• Data showed the Euro Zone   (PMI) fell to a near three-year low in October, while business activity in Germany contracted for a fourth straight month .

• EUR/AUD drops swiftly from 1.6841  to 1.6653. Break lower 1.6623 (50% fib  ) runs risks  towards  1.6550.

• Technical lean bearish, RSI has turnedsharply lower, momentum studies, 9, 11 DMAs falling southwards. 

• Immediate resistance is located at 1.6725 (38.2% fib), any close above will push the pair towards 1.6837 (23.6% fib)

•    Support is seen at 1.6623 (50% fib) and break below could take the pair towards 1.6556 (Oct 18th low).

  Recommendation: Good to sell   around 1.6670 with stop loss of 1.6780  and target price of 1.6600


 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.