EUR/AUD ranging in Tokyo, looking for room to move

• EUR/AUD rangebound but up in Asia.
• Yesterday's high providing support.

EUR/AUD is ranging through Asia, currently trading near 1.5760 approaching London's Friday market open.

The Euro was able to catch some lift against the Aussie yesterday after declining slightly in the previous Tokyo session; the pair is now using yesterday's high of 1.5745 as support while it tries to stretch for more.

The glimmer of hope for the Euro will be the 2017 4th quarter GDP data next Wednesday for Germany, Italy, Portugal, and the general Eurozone. The Euro could use a good push to get its bullish trend back on track following recent plunges in market risk appetite and equities retreat from record highs following the recent market realization that real economic growth leads to inflation, which will cause interest rates to rise. That fear of rate increases pushed equities off their highs and bond yields onto them, as markets frantically price in rate increases across the board, sending risk assets tumbling as money piles into safe havens like the Japanese Yen.

EUR/AUD Technicals

EUR/AUD finds itself between intraday support and resistance at 1.5745 and 1.5778 respectively, while long term charts show the Euro uptrend still very much in play, with price testing into two-year highs against the Aussie.

Today's pivot points:
R2: 1.5808
R1: 1.5773
PP: 1.5711
S1: 1.5677
S2: 1.5614