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AUD/EUR: Breaches €0.60 Handle

AUD

AUD/EUR was pressured yesterday falling below the €0.60 handle as weaker equities weighed.

  • The pair is a touch lower in early trading sitting at €0.5975/80, ~2% below early October highs.
  • Technically AUD/EUR remains in a downtrend. Bears now target a break of the 76.4% retracement of the Aug-Sep bull leg (€0.5925), which opens the YTD low (€0.5863) and €0.5758 a Fibonacci projection.
  • On the upside bulls immediate focus is on the 20-Day EMA (€0.6017), a break through here opens high from 10 Oct (€0.6080) and the high from 29 Sep (€0.6127). The 200-Day EMA comes in at €0.6147.

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