7 Nov 2013
EUR/AUD hits one projection at 1.4264 and pauses; more upside likely to at least 1.4278
FXstreet.com (Barcelona) - EUR/AUD is ripping to the upside after Aussie employment data shocked global investors and traders with its unambiguous weakness.
EUR/AUD traders will shift quickly to the schedule of European news and data points
The EUR/AUD will likely continue to be strong until something comes along to change the upside momentum. Such a turn is certainly possible later on Thursday as weighty Eurozone data will be flowing including German Industrial Production and the ECB Interest Rate Decision and commentary.
Technical outlook for EUR/AUD
Technicians say EUR/AUD has an eventual upside targets beginning at 1.4278 and continuing to 1.4281 in the very short-term. Likely support on a pullback comes in at an Elliott Wave-generated 1.4236 with horizontal line support at 1.4200 backing that up.
EUR/AUD traders will shift quickly to the schedule of European news and data points
The EUR/AUD will likely continue to be strong until something comes along to change the upside momentum. Such a turn is certainly possible later on Thursday as weighty Eurozone data will be flowing including German Industrial Production and the ECB Interest Rate Decision and commentary.
Technical outlook for EUR/AUD
Technicians say EUR/AUD has an eventual upside targets beginning at 1.4278 and continuing to 1.4281 in the very short-term. Likely support on a pullback comes in at an Elliott Wave-generated 1.4236 with horizontal line support at 1.4200 backing that up.