EUR/AUD bulls give up the fight short-term; 1.3835 new projected support

FXstreet.com (Barcelona) - EUR/AUD has opened lower after breaking and closing below key short-term support at 1.4192 last week and now appears destined to test 1.3835 “correction support”.

EUR/AUD traders to focus on busy data calendar this week

The schedule of EUR/AUD-related data releases for this week is as follows:

• Monday – No market-moving data
• Tuesday – Aussie Leading Indicators
• Wednesday – Aussie CPI; German 10-Year Bund Auction; EU Consumer Confidence
• Thursday – EU Council Meeting; RBA Governor Lowe speech; German PMI data; EU PMI data
• Friday – EU Council Meeting; German Expectations and Current Assessment

Technical outlook for EUR/AUD

Technicians say the EUR/AUD should really accelerate to the down side now that 1.4192 failed to hold up as support. The next projected target is 1.3835. Resistance for the cross comes in at the broken support at 1.4192.