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11 Mar 2015
EUR/AUD set to dive towards 1.3650 – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Dhwani Mehta, with EUR/AUD having broken below the strong support at 1.3945, a further sell-off towards 1.3650 might be anticipated for the pair.
Key Quotes
“EUR/AUD plunged to its weakest level since Sept 2014 largely tracking losses in the EUR/USD pair as the euro was heavily sold‐off below 1.0650 levels during the European session. EUR/USD fell to fresh twelve year lows at 1.0560 levels as renewed selling was triggered on Draghi’s comments which markets viewed it as negative.”
“On the other hand, the Aussie remained more or less rangy around 0.76 barrier.”
“EUR/AUD currently trades at 1.3907 levels, ‐0.86% lower on the day, having breached strong support at 1.3945 levels.”
“Technically, EUR/AUD has formed a head and shoulder pattern on daily charts and the pair is expected to test the neckline support that lies at 1.3650.”
“The cross has already breached the crucial support at 1.3945 levels, which opened the doors for further downside to 1.3650.”
“A fresh sell‐off is likely to trigger below a break of that level, dragging the pair to test 1.3400 levels.”
“However, with the daily RSI at 30.17 levels, in an extremely oversold zone, the pair is expected to hold the neckline support and may bounce‐back to 1.38 barrier.”
Key Quotes
“EUR/AUD plunged to its weakest level since Sept 2014 largely tracking losses in the EUR/USD pair as the euro was heavily sold‐off below 1.0650 levels during the European session. EUR/USD fell to fresh twelve year lows at 1.0560 levels as renewed selling was triggered on Draghi’s comments which markets viewed it as negative.”
“On the other hand, the Aussie remained more or less rangy around 0.76 barrier.”
“EUR/AUD currently trades at 1.3907 levels, ‐0.86% lower on the day, having breached strong support at 1.3945 levels.”
“Technically, EUR/AUD has formed a head and shoulder pattern on daily charts and the pair is expected to test the neckline support that lies at 1.3650.”
“The cross has already breached the crucial support at 1.3945 levels, which opened the doors for further downside to 1.3650.”
“A fresh sell‐off is likely to trigger below a break of that level, dragging the pair to test 1.3400 levels.”
“However, with the daily RSI at 30.17 levels, in an extremely oversold zone, the pair is expected to hold the neckline support and may bounce‐back to 1.38 barrier.”