- 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.
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.
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.