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Sep 25, 2016

06:27 PM EDT


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Market Analysis

Home » Technical Analysis » Daily » EURAUD Trading Near Important Resistance Area

EURAUD Trading Near Important Resistance Area

Posted by FXTimes in Daily - February 26th, 2016 12:29 pm GMT

Euro_cog_1

Key Points

  • Euro is making an attempt to recover against the Australian dollar, but facing a major resistance area.
  • There is a bearish trend line formed on the hourly chart of the EURAUD pair, which is acting as a hurdle for an upside move.
  • Euro Area Consumer Confidence released by the European Commission posted an unchanged reading from the last time and came in at -8.8 in Feb 2016.
  • Euro Area Industrial Confidence released today posted a decline from the last revised reading of -3.1 to -4.4.

Technical Analysis

The Euro traded down against the Australian Dollar during the past couple of sessions, and every recovery was stalled by sellers. There is a major bearish trend line formed on the hourly chart of the EURAUD pair, which is currently acting as a barrier for more gains.

EURAUD

The 100 and 50 hourly simple moving averages are also around the trend line resistance area. So, in short, there is a major hurdle near 1.5300.

On the downside, the 1.5260 level can be seen as a short-term support area.

Euro Area Consumer Confidence

Today, there were a couple of minor releases in the Euro Area, including the Consumer Confidence by the European Commission. It is a leading index that measures the level of consumer confidence in economic activity and the forecast was a decrease from -8.8 to -6.7 in Feb 2016. However, there was no change in the Consumer Confidence, and it came in at -8.8.

Moreover, the Euro Area Industrial Confidence was also released. It registered a decline from the last revised reading of -3.1 to -4.4 in Feb 2016.

Overall, there was nothing much to cheer for the Euro buyers, so it won’t be easy for the Euro bulls to break the trend line resistance area.

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