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20 May 2014
EUR/AUD rally falters at Fibo level
FXStreet (Córdoba) - The EUR/AUD has been on the rise Tuesday mainly due to Aussie weakness following rumors Australia could lose its AAA rating by S&P, sinking iron ore and dovish comments from the RBA.
The EUR/AUD climbed nearly a full cent throughout the day and reached its highest level in over a week at 1.4787 before losing momentum at the 50% retracement of the 1.5014/1.4563 drop. The euro-aussie has managed to recover roughly 200 pips ever since bottoming out at 1.4563 last week and it is currently trading at 1.4765, up 0.50% on the day.
EUR/AUD levels to watch
In terms of technical levels, if the EUR/AUD breaks above 1.4787, next resistances could be found at 1.4800 (psychological level) and 1.4815 (21-day SMA). On the flip side, supports are seen at 1.4683 (May 20 low), 1.4604/00 (May 19 low/psychological level) and 1.4563 (May 15 low).
The EUR/AUD climbed nearly a full cent throughout the day and reached its highest level in over a week at 1.4787 before losing momentum at the 50% retracement of the 1.5014/1.4563 drop. The euro-aussie has managed to recover roughly 200 pips ever since bottoming out at 1.4563 last week and it is currently trading at 1.4765, up 0.50% on the day.
EUR/AUD levels to watch
In terms of technical levels, if the EUR/AUD breaks above 1.4787, next resistances could be found at 1.4800 (psychological level) and 1.4815 (21-day SMA). On the flip side, supports are seen at 1.4683 (May 20 low), 1.4604/00 (May 19 low/psychological level) and 1.4563 (May 15 low).