8 Nov 2013
EUR/AUD can’t hold on to 1.42
FXstreet.com (Chicago) - EUR/AUD has had high volatility the past 24 hours after the release of the ECB interest rate decision.
Earlier in Europe, the ECB but interest rates to 0.25%. Ahead of the RBA monetary policy statement, market participants maintain the pair subdued below the 1.42 zone.
EUR/AUD Technical Levels
Technically speaking, the pair is offered at 1.4185 and oscillates between the supports aligned at 1.4176 (September 18th lows), 1.4123 (October 21st lows) followed by 1.4062 (November 7th lows) and the resistances set at 1.4241 (October 17th highs), 1.4419 (October 24th highs) followed by 1.4527 (October 29th highs). Price action reveals the pair fell hard after the ECB announcement to cut interest rates to 0.25%. In previous hours worse than expected Australian labor market results were released affecting the Aussie momentarily before crash to almost 4-month lows.
Earlier in Europe, the ECB but interest rates to 0.25%. Ahead of the RBA monetary policy statement, market participants maintain the pair subdued below the 1.42 zone.
EUR/AUD Technical Levels
Technically speaking, the pair is offered at 1.4185 and oscillates between the supports aligned at 1.4176 (September 18th lows), 1.4123 (October 21st lows) followed by 1.4062 (November 7th lows) and the resistances set at 1.4241 (October 17th highs), 1.4419 (October 24th highs) followed by 1.4527 (October 29th highs). Price action reveals the pair fell hard after the ECB announcement to cut interest rates to 0.25%. In previous hours worse than expected Australian labor market results were released affecting the Aussie momentarily before crash to almost 4-month lows.