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31 Oct 2013
EUR/AUD on corrective channel; 23.6% Fibo
FXstreet.com (Chicago) - EUR/AUD extends a sideways movement after disappointing European data that affected price performance considerably and ahead of Australian and Chinese data releases.
Data recap
Earlier European data disappointed with the consumer price index (YoY) at 0.7% vs. expected and prior 1.1%. The consumer price index – core (YoY) was 0.8% vs. past 1.0%. The unemployment rate (September) was 12.2% vs. estimates at 12%. Ahead of Australian and Chinese data releases with high impact on the pair’s performance, a corrective move forms.
EUR/AUD Technical Levels
Technically speaking, the pair flows around the 23.6% Fibonacci level after materializing a double tops pattern (September 23th highs) on strong 1.4550 resistance. Offered at 1.4363, the pair oscillates between the supports aligned at 1.4323 (September 14th lows), 1.4277 (October 10th lows) ahead of 1.4232 (September 24th lows) and the resistances set at 1.4362 (October 1st lows), 1.4414 (October 8th highs) followed by 1.4454 (September 25th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis navigating below the EMA20.
Data recap
Earlier European data disappointed with the consumer price index (YoY) at 0.7% vs. expected and prior 1.1%. The consumer price index – core (YoY) was 0.8% vs. past 1.0%. The unemployment rate (September) was 12.2% vs. estimates at 12%. Ahead of Australian and Chinese data releases with high impact on the pair’s performance, a corrective move forms.
EUR/AUD Technical Levels
Technically speaking, the pair flows around the 23.6% Fibonacci level after materializing a double tops pattern (September 23th highs) on strong 1.4550 resistance. Offered at 1.4363, the pair oscillates between the supports aligned at 1.4323 (September 14th lows), 1.4277 (October 10th lows) ahead of 1.4232 (September 24th lows) and the resistances set at 1.4362 (October 1st lows), 1.4414 (October 8th highs) followed by 1.4454 (September 25th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis navigating below the EMA20.