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AUD/EUR: Holding Below €0.60 Handle

AUD

AUD/EUR held below the €0.60 handle yesterday, a recovery off session lows was seen alongside a bid in US Equities, however resistance was seen ahead of €0.60.

  • On Wednesday morning we sit at €0.5990/95.
  • Bulls immediate focus in on breaking out of the bear channel that has persisted since early October, the top of the channel intersects at €0.6017. This opens the €0.61 handle and the 200-Day EMA (€0.6132).
  • 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.

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