Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR /AUD stuck in range but maintains bullish bias

• EUR /AUD strengthened on Tuesday as Euro benefited from weaker Australian dollar, shrugging off lower than expected Eurozone inflation and growth data.

• Euro zone inflation dropped to its lowest level in over two years in October, prices grew by 2.9% year on year in October, the slowest pace since July 2021.

• The pair hit daily high at 1.6757 and was last trading at 1.6685  .

• Technical signals show the pair could gain more ground in the short-term as RSI is at 61 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.6742(23.6% fib), any close above will push the pair towards 1.6820( Oct 26th high).

• Immediate support is seen at 1.6675 (5DMA) and break below could take the pair towards 1.6628(38.2% fib).

Recommendation: Good to buy on dips around 1.6680  , with stop loss of 1.6600  and target price of 1.6760.  

  • Market Data
Close

Welcome to EconoTimes

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