Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/AUD bulls need more gains to zero in on key fibo resistance

• EUR/AUD strengthened on Monday   as risk-sensitive Australian  dollar weakened on growing fears about a looming slowdown in the global economy .

• Investors were troubled that rising interest rates and softening economic data could signal a global  recession .

• Pair traded in   1.5177/1.5300  range and was last trading at 1.5196 at  18:02.

• Technical signals are bullish as RSI is at 63, daily momentum studies  5,9 and 10 DMAs are trending up.

•  Immediate resistance is located at 1.5308(Higher BB), any close above will push the pair towards 1.5355 (23.6% fib)

• Strong  support is seen at 1.5215(5DMA ) and break below could take the pair towards 1.5166 (Lower BB).

Recommendation: Good to buy  around 1.5290, with stop loss of 1.5200 and target price of 1.5350.

  • Market Data
Close

Welcome to EconoTimes

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