28 Oct 2013
EUR/AUD correcting lower short-term; 1.4346 downside target
FXstreet.com (Barcelona) - EUR/AUD looks to have some more upside in its near-term future, but not before the rest of the current downside to 1.4346 plays out according to technicians.
EUR/AUD traders have limited data on which to focus Monday
With no data points due out from Australia Monday, EUR/AUD traders will only have German Retail Sales data on which they can look for short-term directional guidance.
Technical outlook for EUR/AUD
Technicians say EUR/AUD could go either way here. Resistance comes in at Friday’s high of 1.4491 with the next Fibonacci projection at 1.4457 backing that up. Support comes in at 1.4346 – Fibonacci-generated “correction support” – and is backed up by Thursday’s low of 1.4265.
EUR/AUD traders have limited data on which to focus Monday
With no data points due out from Australia Monday, EUR/AUD traders will only have German Retail Sales data on which they can look for short-term directional guidance.
Technical outlook for EUR/AUD
Technicians say EUR/AUD could go either way here. Resistance comes in at Friday’s high of 1.4491 with the next Fibonacci projection at 1.4457 backing that up. Support comes in at 1.4346 – Fibonacci-generated “correction support” – and is backed up by Thursday’s low of 1.4265.