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7 Jan 2014
EUR/AUD recovers after falling 350 pips
FXstreet.com (Córdoba) - The EUR/AUD posted moderate gains on Monday and finished at the 1.5200 mark. In the previous two trading days the Euro plummeted, falling 350 pips from 1.5480 bottoming at 1.5115 (January 3rd low).
Technical outlook for the EUR/AUD
The pair corrected higher on Monday but still remain under pressure, facing a downtrend in the short-term. To the upside, immediate resistance is located between 1.5290 and 1.5245 where recent daily lows and highs lie, a break higher could boost demand. Resistance levels on top of 1.5300 might lie at 1.5360 and 1.5420.
The 350-pips retracement started after the upside was capped by 1.5600 and found support around 1.5110, price area that in early December was a resistance. Below 1.5110, support levels could be located at 1.5010 (December 5, 9 and 10 lows) and 1.4940 (December 3 highs).
Technical outlook for the EUR/AUD
The pair corrected higher on Monday but still remain under pressure, facing a downtrend in the short-term. To the upside, immediate resistance is located between 1.5290 and 1.5245 where recent daily lows and highs lie, a break higher could boost demand. Resistance levels on top of 1.5300 might lie at 1.5360 and 1.5420.
The 350-pips retracement started after the upside was capped by 1.5600 and found support around 1.5110, price area that in early December was a resistance. Below 1.5110, support levels could be located at 1.5010 (December 5, 9 and 10 lows) and 1.4940 (December 3 highs).