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20 Dec 2013
EUR/AUD in correction mode now – downside target range 1.4850 – 1.5022
FXstreet.com (Barcelona) - EUR/AUD is correcting lower after posting a conspicuously bearish candle on Wednesday. Traders are reacting to sluggish European data over the last week as well as to talk of China intervening in markets with liquidity injections.
EUR/AUD readying for multiple data releases during the European session
EUR/AUD traders will be trading off of European news only on Friday as there are no Aussie data points due out. The European data flow will include German Consumer Confidence, German PPI and EuroZone Consumer Confidence.
Technical outlook for EUR/AUD
Technicians say EUR/AUD topped out at the 1.5578 level on Wednesday and appears to be in the midst of a downside correction with targets starting at 1.5234 and continuing to 1.5022 and 1.4851. Resistance above 1.5578 comes in at 1.5600.
EUR/AUD readying for multiple data releases during the European session
EUR/AUD traders will be trading off of European news only on Friday as there are no Aussie data points due out. The European data flow will include German Consumer Confidence, German PPI and EuroZone Consumer Confidence.
Technical outlook for EUR/AUD
Technicians say EUR/AUD topped out at the 1.5578 level on Wednesday and appears to be in the midst of a downside correction with targets starting at 1.5234 and continuing to 1.5022 and 1.4851. Resistance above 1.5578 comes in at 1.5600.