6 Nov 2013
EUR/AUD finishes off the lows but may just be biding time before more downside; target 1.3835
FXstreet.com (Barcelona) - EUR/AUD is trading off Tuesday’s lows but appears to technicians to have more room to fall before downside technical projections are fulfilled.
EUR/AUD traders will have a litany of data to consider Wednesday
The EUR/AUD will be pushed around Wednesday by the Aussie Trade Balance data, Services PMI and Retail Sales out of Europe, and German Factory Orders data.
Technical outlook for EUR/AUD
Technicians say EUR/AUD has an eventual downside target at the 1.3538 “correction support”. Prior to that level being tested, though, 1.4145 and 1.4123 horizontal support lines will be tested. Resistance – at which point the technicians says sales should be made – comes in at 1.4233 and 1.4287 (both of which are Fibonacci retracements of the recent decline).
EUR/AUD traders will have a litany of data to consider Wednesday
The EUR/AUD will be pushed around Wednesday by the Aussie Trade Balance data, Services PMI and Retail Sales out of Europe, and German Factory Orders data.
Technical outlook for EUR/AUD
Technicians say EUR/AUD has an eventual downside target at the 1.3538 “correction support”. Prior to that level being tested, though, 1.4145 and 1.4123 horizontal support lines will be tested. Resistance – at which point the technicians says sales should be made – comes in at 1.4233 and 1.4287 (both of which are Fibonacci retracements of the recent decline).