23 Aug 2013
EUR/AUD finally hits a wall and posts bearish reversal Thursday
FXstreet.com (Barcelona) - The EUR/AUD may be in the early stages of a short-term pullback after it posted a bearish reversal candle on Thursday. The release of German GDP and import prices Friday may have an influence of the cross’s short-term direction.
EUR/AUD trading lower after good European PMI’s?
Good German PMI numbers and good EuroZone PMI numbers should have meant a higher EUR/AUD. Unfortunately, the bullish Chinese PMI and other minor data gave the Aussie Dollar a boost – more of a boost than the European numbers gave the euro.
Technical outlook for EUR/AUD
Elliott Wave Technicians say that EUR/AUD is in wave “v of 5 of III” higher with an upside target of 1.5054 (from 1.4786 currently). Support for EUR/AUD comes in at the 20:00 GMT price from Tuesday at 1.4747 and is backed up by the pivot from earlier that day at 1.4600.
EUR/AUD trading lower after good European PMI’s?
Good German PMI numbers and good EuroZone PMI numbers should have meant a higher EUR/AUD. Unfortunately, the bullish Chinese PMI and other minor data gave the Aussie Dollar a boost – more of a boost than the European numbers gave the euro.
Technical outlook for EUR/AUD
Elliott Wave Technicians say that EUR/AUD is in wave “v of 5 of III” higher with an upside target of 1.5054 (from 1.4786 currently). Support for EUR/AUD comes in at the 20:00 GMT price from Tuesday at 1.4747 and is backed up by the pivot from earlier that day at 1.4600.