Technicals

Add as a preferred source on Google

FxWirePro:EUR/AUD loses momentum but outlook is bullish

• EUR/AUD initially gained on Wednesday but some of early gains evaporated as talk of a European third wave and extensions of pandemic lockdowns in Germany and France kept gains in check. • EUR/AUD pulled back from 1.561…

1 min read
FxWirePro:EUR/AUD loses momentum but outlook is bullish
Image from the original EconoTimes article

Read the original article

• EUR/AUD  initially gained on Wednesday  but some of  early gains evaporated   as talk of a European third wave and extensions of pandemic lockdowns in Germany and France kept gains in check.

• EUR/AUD  pulled back from 1.5615, but losses were limited by demand near the 61.8%fib retracement. 

• EUR/AUD  remains bullish , only a close back below  61.8%fib at 1.5482 , could upset the bullish order.

• Immediate resistance is located at 1.5615 (50%fib ), any close above will push the pair towards 1.5694 (Feb 26th high).

• Strong support is seen at 1.5505 (Daily low) and break below could take the pair towards 1.5482 (61.8%fib).

Recommendation: Good to buy  around 1.5550, with stop loss of 1.5470and target price of 1.5620
 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560