The post Dips below 50-day SMA, sellers eye 1.6200 appeared on BitcoinEthereumNews.com.

EUR/AUD drops reacting to the latest insights from the Reserve Bank of Australia’s policy discussions. Technical indicators show a downward trend with potential support tests at 1.6200 and October lows. Resistance lies at the 50-day SMA of 1.6296; a break above could challenge the 100-day and 200-day SMAs at 1.6368 and 1.6385, respectively. On Tuesday, the EUR/AUD tumbled over 0.39% following the release of the last meeting minutes of the Reserve Bank of Australia (RBA). As Wednesday’s Asian session begins, the cross-pair trades at 1.6222, virtually unchanged. EUR/AUD Price Forecast: Technical outlook Technically speaking, the EUR/AUD shifted bearishly biased after clearing the 50, 100, and 200-day Simple Moving Averages (SMAs). Additionally, the successive series of lower highs and lower lows indicated the trend is downwards, and if sellers clear the November 19 low of 1.6211, a test of 1.6200 would be up next. A break below the latter will expose the October 18 low of 1.6134 before the pair drops to October’s low of 1.6005. However, a decisive break above the 50-day SMA at 1.6296 will immediately expose 1.6300. If surpassed, buyers could regain control if they clear the 100 and 200-day SMAs, each at 1.6368 and 1.6385, respectively. EUR/AUD Price Chart – Daily Euro FAQs The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for…

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Filed under: News - @ November 19, 2024 11:19 pm