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FxWirePro- Major European Indices

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FxWirePro: EUR/AUD runs out of steam but maintains bullish outlook

Tuesday, February 1, 2022 12:13 AM UTC

• EUR/AUD initially dipped but recovered some ground on Monday as above-forecast German inflation suddenly made upcoming ECB meeting more interesting.

• EUR/AUD recovered to trade last at 1.5890,after erasing drop amid month-end adjustments and position squaring.

•The pair is currently approaching resistance at 1.5910 ( 38.2%fib). A break above will push the pair towards 1.6000.

• Technical signals are bearish as RSI is at 57, daily momentum studies 5, 9 and 10 DMAs are trending up.

• Immediate resistance is located at 1.5910 ( 38.2%fib), any close above will push the pair towards 1.5983(23.6%fib).

• Strong support is seen at 1.5869 (5 DMA ) and break below could take the pair towards 1.5851 (50% fib).

Recommendation: Good to sell on rally around 1.5920, with stop loss of 1.5800 and target price of 1.5980.

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FxWirePro: EUR/AUD runs out of steam but maintains bullish outlook

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