14 Jan 2014
EUR/AUD correcting higher after 2-day slide
FXstreet.com (Córdoba) - Following a 2-day slide, the EUR/AUD is rising early on Tuesday trading at the moment of writing at the highs at 1.5141, up 0.32%. From Friday's high dropped 300 pips and bottomed during the recent American session at 1.5029, level not seen since December 10.
Bearish outlook still holds for the EUR/AUD
Despite the recovery, the short-term outlook remains bearish for the EUR/AUD. Current movements are so far corrective. To the upside immediate resistance lies at the 1.5200 zone (January 8 lows) and above at 1.5250 (downtrend line from December 30 highs). A break above the last one, could increase the demand for the pair.
So far, the downside was capped above 1.5000 where a key support is located (psychological level and December 5, 10 lows); below the next potential levels to watch lie at 1.4975 and 1.4850.
Bearish outlook still holds for the EUR/AUD
Despite the recovery, the short-term outlook remains bearish for the EUR/AUD. Current movements are so far corrective. To the upside immediate resistance lies at the 1.5200 zone (January 8 lows) and above at 1.5250 (downtrend line from December 30 highs). A break above the last one, could increase the demand for the pair.
So far, the downside was capped above 1.5000 where a key support is located (psychological level and December 5, 10 lows); below the next potential levels to watch lie at 1.4975 and 1.4850.