November 19, 2023 23:54 GMT
AUD/EUR: Consolidating Below €0.60 Handle
AUD/EUR is consolidating below the €0.60 handle as ranges remain narrow; a €0.5950/0.6000 range persisted for the most part last week.
- In early trade on Monday we sit at €0.5970/75, little changed from Friday's closing levels.
- Technically the pair remains in a downtrend, bears now target 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.
- Bulls now focus on a break of the 20-Day EMA (€0.5991) and €0.6078 (high from 6 Nov), this opens the €0.61 handle and the 200-Day EMA (€0.6116).