November 01, 2023 22:31 GMT
AUD/EUR: Firms On Wednesday
AUD/EUR rose ~1% on Wednesday, higher equities amid improving risk appetite and technical flows as the pair tested the trendline drawn from the 2022 highs (€0.6059) added a level of support.
- In early dealing on Thursday we sit at €0.6055/60.
- Bulls now focus on sustaining a break of €0.6059, this opens the €0.61 handle and the 200-Day EMA (€0.6132).
- Technically the pair remains in a downtrend, bears first target the 20-Day EMA (€0.6010). A break through here opens 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.
Fig 1: AUD/EUR Daily Spot, EMAs
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