FXstreet.com (San Francisco) - EUR/AUD is pulling back from session highs on a broadly bid Australian dollar this Wednesday.
After climbing as high as 1.2035 in an apparent retracement of overnight losses, the pair has developed a downside move by falling back into the 1.2010 area while price rotates around a descending trend line (1.2436/1.2227 peaks), threatening to edge lower.
With moving averages diverging and point downward, trend bias and momentum remains bearish in nature. If EUR/AUD pushes lower, immediate support comes in at the 1.2000 figure, then at 1.1986 (recent all-time low). The upside appears to be capped by the 9 EMA on the 4 hour chart.
After climbing as high as 1.2035 in an apparent retracement of overnight losses, the pair has developed a downside move by falling back into the 1.2010 area while price rotates around a descending trend line (1.2436/1.2227 peaks), threatening to edge lower.
With moving averages diverging and point downward, trend bias and momentum remains bearish in nature. If EUR/AUD pushes lower, immediate support comes in at the 1.2000 figure, then at 1.1986 (recent all-time low). The upside appears to be capped by the 9 EMA on the 4 hour chart.
