Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/AUD regains upwards momentum ,room for further gains

• EUR/AUD strengthened on Friday as euro gained traction amid short-covering ahead of the holidays, driven by improving risk sentiment.

• The euro weakened earlier on Friday after U.S. President-elect Donald Trump called on the European Union to purchase more U.S. oil and gas in an effort to reduce the trade deficit..

• Trump warned that failure to do so could result in tariffs, adding pressure on the euro and fueling concerns over potential trade tensions between the EU and the U.S.

• From a technical viewpoint, the moving averages are pointing upwards, while the RSI  is strongly bullish at 58

• Immediate resistance is located at 1.6689(23.6% fib), any close above will push the pair towards 1.6782(Higher BB).

• Immediate support is seen at 1.6611(Daily low) and break below could take the pair towards 1.6548(38.2%fib).

 Recommendation: Good to buy   around 1.6670, with stop loss of 1.6600  and target price of 1.6750
 

  • Market Data
Close

Welcome to EconoTimes

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