26 Mar 2014
EUR/AUD eyes 1.5000, key support
FXStreet (Córdoba) - The EUR/AUD fell for the fourth day in a row and moved closer to 1.5000, where a key support is located. Price finished hovering around 1.5090, posting the lowest daily close in a month.
On Tuesday the EUR/AUD bottomed at 1.5034 and after Wall Street opening rebounded but the recovery from the lows found resistance below 1.5100.
Short term bias continues to point toward the downside, extending the retracement after being rejected from levels above 1.5500 two weeks ago. Currently stands at 90 pips above the psychological level of 1.5000. A consolidation below 1.5000 could trigger a downside acceleration. Since the beginning of the year the mentioned level contained the decline.
On Tuesday the EUR/AUD bottomed at 1.5034 and after Wall Street opening rebounded but the recovery from the lows found resistance below 1.5100.
Short term bias continues to point toward the downside, extending the retracement after being rejected from levels above 1.5500 two weeks ago. Currently stands at 90 pips above the psychological level of 1.5000. A consolidation below 1.5000 could trigger a downside acceleration. Since the beginning of the year the mentioned level contained the decline.