EURAUD recently found support at 1.3730 before bouncing off towards 1.41. However, currently the price is stuck between the 1.3730-1.4130 area. Today was a very important fundamental day for EUR and AUD. Today Australia released its Employment Change report, which was expected to be at 16.3k but was negative at -6.4k; as a result, the Unemployment rate also showed an increased value of 5.9% which was expected to be at 5.7%. On the other hand, EUR Final CPI report was unchanged at 2.0%, but the negative labor market data from Australia did affect the pair and helped EUR to gain some strength over AUD. From now on, EUR is expected to gain more against AUD in the upcoming days.
Now let us look at the technical view. The price is currently at the middle of the 1.3730-1.4130 area. As EUR had fundamental advantage over AUD, it is expected that the price will reach 1.4130 soon. However, if today the price closes with a bearish close below the yesterday’s low, we will shift our bullish bias to bearish. If the price remains above the 20 EMA, upcoming bullish moves are expected.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
EURAUD recently found support at 1.3730 before bouncing off towards 1.41. However, currently the price is stuck between the 1.3730-1.4130 area. Today was a very important fundamental day for EUR and AUD. Today Australia released its Employment Change report, which was expected to be at 16.3k but was negative at -6.4k; as a result, the Unemployment rate also showed an increased value of 5.9% which was expected to be at 5.7%. On the other hand, EUR Final CPI report was unchanged at 2.0%, but the negative labor market data from Australia did affect the pair and helped EUR to gain some strength over AUD. From now on, EUR is expected to gain more against AUD in the upcoming days.
Now let us look at the technical view. The price is currently at the middle of the 1.3730-1.4130 area. As EUR had fundamental advantage over AUD, it is expected that the price will reach 1.4130 soon. However, if today the price closes with a bearish close below the yesterday’s low, we will shift our bullish bias to bearish. If the price remains above the 20 EMA, upcoming bullish moves are expected.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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