Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/AUD retreats slightly, but the underlying trend remains bullish

• EUR/AUD  eased  on Thursday   as investors digested inflation data out of Germany and Italy.

• Italy’s annual inflation rose to 1.7% in June from 1.6% in May, matching analysts’ expectations, according to a preliminary report from Istat on Monday. On a monthly basis, consumer prices increased by 0.2%.

• Germany’s annual inflation eased to 2.0% in June from 2.1% in April, according to a preliminary Destatis report released Monday. The consumer price index (CPI) remained flat on a monthly basis.

• Technical indicators remain firmly bullish, with the RSI at 61 and both the 9- and 11-day moving averages trending upward, reinforcing positive momentum.

•  Immediate resistance is located at 1.7990(Higher BB), any close above will push the pair towards 1.8084 (38.2%fib)

• Strong support is seen at 1.7843(61.8%fib) and break below could take the pair towards 1.7744(SMA 20).

Recommendation: Good to buy   around 1.7880, with stop loss of 1.7800and target price of 1.7960
 

  • Market Data
Close

Welcome to EconoTimes

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