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AUD/EUR: Firms After European PMI, 20-Day EMA Caps Gains

AUD

AUD/EUR firmed ~0.7% yesterday after weaker than forecast PMIs weighed on the Euro. Gains were capped at the 20-Day EMA (€0.6098), which has emerged as a key level for bulls.

  • The pair now sits at €0.6090 and is little changed in early dealing on Tuesday.
  • Bulls look to break the 20-Day EMA which comes in ahead of the €0.61 handle, from here they can target €0.6159 the high from July 15. The 200-Day EMA comes in at €0.6272.
  • On the downside bears look to break below low from July 19 (€0.6023) which opens up year to date lows at €0.5959. €0.5867 the 50% retracement of the 2020-2022 Bull leg is the next downside support level.
  • Looking ahead, event risk this week is provided by tomorrow's Q2 Australian CPI print and Thursday's ECB monetary policy decision.
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