- Euro managed to gain bids against a few major currencies including the Aussie Dollar.
- There is a bearish trend line formed on the hourly chart of the EURAUD pair, which may be breached to clear the way for more upsides.
- Euro Zone CPI released by the Eurostat posted an increase of 0.1% in October 2015, compared with the forecast of 0%.
- The Core Consumer Price Index also came above the forecast, and posted a rise of 1.1%, compared with the forecast of 1%.
The EURAUD pair fell towards the 1.5040 support area recently where sellers struggled and as a result, there was an upside reaction. There are a couple of bearish trend lines formed on the hourly chart, and it looks like the pair may be able to break the first one and trade higher.
A break above the trend line and resistance area could take the EURAUD pair towards the 100 hourly simple moving average (MA), which is positioned with the 61.8% Fib retracement level of the last leg from the 1.5196 high to 1.5043 low.
There is even a chance that the EURAUD pair could trade towards the second bearish trend line.
Euro Zone CPI
There was a major release during the London session, as the Euro Zone Consumer Price Index, which is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services was released by Eurostat. The forecast was lined up for an increase of 0.1% in October 2015, compared with the preceding month. The result was in line with the forecast, but the yearly change was above the forecast with a gain of 0.1% (YoY).
The Euro Zone Core CPI also posted a better reading with an increase of 1.1%, compared with the forecast of 1%.
Overall, it looks like that the EURAUD pair may head higher in the near term.