EUR/AUD: Sellers Gain Momentum Ahead of Lagarde's Speech
Technical Analysis
On the four-hour chart, EUR/AUD is currently fluctuating between the key resistance level at 1.62219 and the support level at 1.61695. Sellers are attempting to push the price below this critical support level. If they succeed, it could lead to further declines, targeting the next support levels at 1.61322, 1.61127, and eventually 1.60847.
Alternative Scenario
However, if the price manages to break above the resistance level at 1.62219, attention would shift to the next target at 1.63067.
Key Events to Watch
Chinese manufacturing data has already provided support to the Australian dollar, and ECB President Christine Lagarde's speech later today will be crucial for the euro's direction. Investors are also looking at the Eurozone unemployment rate, which is expected to remain at 6.3%. Any dovish remarks from Lagarde may weaken the euro further, particularly given the likelihood of an ECB rate cut in December.
On the four-hour chart, EUR/AUD is currently fluctuating between the key resistance level at 1.62219 and the support level at 1.61695. Sellers are attempting to push the price below this critical support level. If they succeed, it could lead to further declines, targeting the next support levels at 1.61322, 1.61127, and eventually 1.60847.
Alternative Scenario
However, if the price manages to break above the resistance level at 1.62219, attention would shift to the next target at 1.63067.
Key Events to Watch
Chinese manufacturing data has already provided support to the Australian dollar, and ECB President Christine Lagarde's speech later today will be crucial for the euro's direction. Investors are also looking at the Eurozone unemployment rate, which is expected to remain at 6.3%. Any dovish remarks from Lagarde may weaken the euro further, particularly given the likelihood of an ECB rate cut in December.
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