7 Apr 2014
EUR/AUD recovers and rises back above 1.4800
FXStreet (Córdoba) - The EUR/AUD recovered strongly on Monday after falling in the previous three days and is about to close above 1.4800.Last week price bottomed on Friday at 1.4694, reaching the lowest price since in four months and then bounced slightly, ending at 1.4740.
After moving in a small range around Friday’s closing price during the Asian session the EUR/AUD moved to the upside finding resistance at 1.4775 but then rose above and accelerated reaching a daily high at 1.4850. During the American session remained in ranges between 1.4815 and 1.4850 consolidating a gain of 80 pips.
EUR/AUD still bearish
On a wider perspective the EUR/AUD is moving with a clear downside bias, after breaking important support levels during March. On the very short term, the recent moves to the upside represent a correction of last week losses.
After moving in a small range around Friday’s closing price during the Asian session the EUR/AUD moved to the upside finding resistance at 1.4775 but then rose above and accelerated reaching a daily high at 1.4850. During the American session remained in ranges between 1.4815 and 1.4850 consolidating a gain of 80 pips.
EUR/AUD still bearish
On a wider perspective the EUR/AUD is moving with a clear downside bias, after breaking important support levels during March. On the very short term, the recent moves to the upside represent a correction of last week losses.