11 Oct 2013
EUR/AUD sinking below 1.43
FXstreet.com (Chicago) - EUR/AUD sustained an intense battle for the 1.43 front but lost to bearish pressure ahead of European data.
Data ahead
Draghi’s optimistic comments about the European Union held the pair higher as the Aussie has had a good performance compared to the other currencies and compared to the euro. With all trends pointing down, reversal consolidation may be on its way to the downside. With no official data due in Australia today, market participants wait for European releases notably Germany’s harmonized index of consumer prices and Chinese new loans results.
EUR/AUD Technical Levels
Technically speaking, the pair extends a short-term bullish channel after several visits to 1.4280 zone and session lows in the American leg. After yesterday’s fall from the 1.4360 levels, the pair fell hard and traded sideways throughout the end of the journey. Offered at 1.4290, the pair regains a key level but extends the bullish medium-term bearish channel since last October 2nd double tops (and September 27th highs). On the downside, supports are aligned at 1.4271 (October 9th lows), 1.4220 (September 16th lows) followed by 1.4169 (July 17th lows) while the upside prints resistances at 1.4331 (October 4th lows), 1.4367 (October 10th highs) ahead of 1.4412 (October 8th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis below the EMA20.
Data ahead
Draghi’s optimistic comments about the European Union held the pair higher as the Aussie has had a good performance compared to the other currencies and compared to the euro. With all trends pointing down, reversal consolidation may be on its way to the downside. With no official data due in Australia today, market participants wait for European releases notably Germany’s harmonized index of consumer prices and Chinese new loans results.
EUR/AUD Technical Levels
Technically speaking, the pair extends a short-term bullish channel after several visits to 1.4280 zone and session lows in the American leg. After yesterday’s fall from the 1.4360 levels, the pair fell hard and traded sideways throughout the end of the journey. Offered at 1.4290, the pair regains a key level but extends the bullish medium-term bearish channel since last October 2nd double tops (and September 27th highs). On the downside, supports are aligned at 1.4271 (October 9th lows), 1.4220 (September 16th lows) followed by 1.4169 (July 17th lows) while the upside prints resistances at 1.4331 (October 4th lows), 1.4367 (October 10th highs) ahead of 1.4412 (October 8th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis below the EMA20.