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10 Jul 2013
EUR/AUD breaks below support 1.3950
FXstreet.com (Barcelona) - The EUR/AUD foreign exchange cross rate is last trading at 139.45 bids, off late NY session weekly lows at 1.3904 printed on the back of massive Euro weakness, and ahead of key Australian Westpac consumer confidence at 00:30 GMT.
EUR/AUD signs further vulnerability ahead
According to Jonathan Eliasof, Principal at Pattern Traders Ltd., “EUR/AUD is boasting a fairly clean H&S pattern, a sign of further vulnerability in the days to come. The euro may look to target $A1.3575/1.36, a measured move which coincides with the 38.2% fib and 50-day SMA.”
EUR/AUD key technical levels
Immediate support to the downside for EUR/AUD lies at current levels as June 26 lows 1.3934, followed by mentioned fresh NY session weekly lows at 1.3904, and June 12 lows at 1.3878. Closest resistance to the upside shows at recent session highs/June 27 lows 1.3950, followed by June 17 highs/June 27 lows at 1.3970, and June 19 lows at 1.4011.
EUR/AUD signs further vulnerability ahead
According to Jonathan Eliasof, Principal at Pattern Traders Ltd., “EUR/AUD is boasting a fairly clean H&S pattern, a sign of further vulnerability in the days to come. The euro may look to target $A1.3575/1.36, a measured move which coincides with the 38.2% fib and 50-day SMA.”
EUR/AUD key technical levels
Immediate support to the downside for EUR/AUD lies at current levels as June 26 lows 1.3934, followed by mentioned fresh NY session weekly lows at 1.3904, and June 12 lows at 1.3878. Closest resistance to the upside shows at recent session highs/June 27 lows 1.3950, followed by June 17 highs/June 27 lows at 1.3970, and June 19 lows at 1.4011.