Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro:EUR/AUD dips below lower range, bearish bias increases

• EUR/AUD declined sharply on Wednesday after data showed Australian consumer inflation accelerated to a six-month high in May.

• Australia's CPI rose to 4.0% in May, an increase from 3.6% in April and surpassing the market estimate of 3.8%. This represents the highest level since November 2023.

• At GMT 17:24, the pair was trading down 0.32 percent   at  1.6066.

•  Technical signals are bearish as RSI is heading down  at 33, daily momentum studies  5, 9 and 11 DMAs are trending down. 

•  Immediate resistance is located at 1.6165 (38.2% fib), any close above will push the pair towards 1.6256 (50% fib)

• Support is seen at 1.6063 (23.6% fib) and break below could take the pair towards 1.6008(Daily low).

Recommendation: Good to sell on   around 1.6070, with stop loss of 1.6160 and target price of 1.6000.
 

  • Market Data
Close

Welcome to EconoTimes

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