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EUR/AUD climbs over 0.86%, rebounding off a low of 1.6198 as bullish sentiment takes hold. The pair tested but failed to breach the confluence of the 100 and 200-day SMAs at around 1.6378. Potential upward targets set at 1.6400 and 1.6500, with October highs in view; support remains near weekly lows of 1.6159. The EUR/AUD snaps four days of losses and climbs over 0.86% on Wednesday, late in the North American session. At the time of writing, the cross-currency pair trades at 1.6341 after bouncing off daily lows of 1.6198. EUR/AUD Price Forecast: Technical outlook The EUR/AUD remains sideways; yet It tested the confluence of the 100 and 200-day Simple Moving Averages (SMAs) at 1.6378-67 but failed to extend its gains past that level, retreating below 1.6370. Momentum has shifted bullish, as depicted by the Relative Strength Index (RSI), an indication that the pair could aim towards 1.6400. If EUR/AUD clears the 1.6400 figure, the next stop would be 1.6500, followed by the October 31 peak at 1.6600. Conversely, if the pair reverses below 1.64300, it could test the current week’s low of 1.6159. A breach of the latter will expose the October 2 low of 1.6005 before testing the yearly low of 1.5966. 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,…

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Filed under: News - @ December 4, 2024 11:19 pm