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8 Oct 2013
EUR/AUD looks vulnerable but not breaking yet; bulls need 1.4309 to hold
FXstreet.com (Barcelona) - EUR/AUD still trying to pick a direction here – a break above 1.4546 would cause a major short squeeze while a close below 1.4309 would trigger some more aggressive selling.
EUR/AUD traders to focus on European data and news the rest of this session
For the rest of the Tuesday session, EUR/AUD traders will be reacting to German Trade Balance and Factory Orders as well as a speech by Mario Draghi. Later Tuesday – actually in the Wednesday session, Australian Consumer Confidence is due out.
Technical outlook for EUR/AUD
Technicians say the EUR/AUD cross could go either way here. If 1.4309 fails to hold as support, the technicians say the bears will seize control of the situation. On the other hand, if 1.4546 resistance is conquered on a closing basis, the bulls can claim victory in this battle.
EUR/AUD traders to focus on European data and news the rest of this session
For the rest of the Tuesday session, EUR/AUD traders will be reacting to German Trade Balance and Factory Orders as well as a speech by Mario Draghi. Later Tuesday – actually in the Wednesday session, Australian Consumer Confidence is due out.
Technical outlook for EUR/AUD
Technicians say the EUR/AUD cross could go either way here. If 1.4309 fails to hold as support, the technicians say the bears will seize control of the situation. On the other hand, if 1.4546 resistance is conquered on a closing basis, the bulls can claim victory in this battle.