Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/AUD gains some upside momentum but still bearish

• EUR/AUD recovered some ground on Thursday as European Central Bank kept its massive stimulus taps open and maintained its view that a recent spike in inflation would be temporary.

• EUR/AUD fell as low as 1.5390 before buyers returned and underpinned .EUR/AUD moving higher into the US afternoon and is sitting around 1.5487

• Technical signals are bearish as RSI is at 34, daily momentum studies  5,11 and 14 DMAs are trending down.

• On the upside, Immediate resistance is located at 1.5502 ( 9DMA), any close above will push the pair towards 1.5550 (38.2%fib)

• Strong support is seen at 1.5420 (23.6% fib ) and break below could take the pair towards 1.5334(Lower BB).

Recommendation: Good to sell   around 1.5420, with stop loss of 1.5500 and target price of 1.5370

  • Market Data
Close

Welcome to EconoTimes

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