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Market Analysis

Home » Technical Analysis » Daily » EURAUD – Can Euro Gain Bids?

EURAUD – Can Euro Gain Bids?

Posted by FXTimes in Daily - March 31st, 2016 11:11 am GMT

euro EURUSD

Key Points

  • Euro is silently moving higher against the Australian dollar, and may continue to gain further.
  • There are a couple of bullish trend lines formed on the 30-mins chart of the EURAUD pair, which can be seen as a support area.
  • Germany Unemployment Change published by the German Statistics Office posted a reading of 0K in March 2016, which was less than the forecast of -7K.
  • Euro Zone CPI released by the Eurostat posted a decrease of 0.1% as forecasted for March 2016.

Technical Analysis

The Euro after trading lower towards the 1.4715 level against the Aussie Dollar started to move higher. There are a couple of bullish trend lines formed on the 30-mins chart of the EURAUD pair, which are holding the downside and pushing the pair higher.

EURAUD

Currently, the pair is stuck between the 100 and 200 hourly simple moving average. The 200 SMA is on the upside, and 200 SMA on the downside.

The Euro bulls need to break the 200 SMA in order to ignite more upsides in the EURAUD pair moving ahead.

Germany Unemployment Change

Earlier today, the Germany Unemployment Change, which is a measure of the absolute change in the number of unemployed people in Germany using seasonally adjusted data was published by the German Statistics Office. The market was expecting a change of -7K in March 2016, but the outcome was disappointing, as the German Unemployment Change came in at 0K.

Moreover, the report added that the “In February 2016, 43 million persons resident in Germany were in employment according to provisional calculations of the Federal Statistical Office (Destatis). Compared with the same month a year earlier, the number of persons in employment increased by 546,000 or 1.3%”.

Overall, the Euro may move down a few pips since the reports were not encouraging, but as long as the trend line support holds more gains are possible.

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