Informed Pulse

FxWirePro:EUR/AUD heads deeper into bear territory, bears plotting path toward 1.6000 - EconoTimes


FxWirePro:EUR/AUD heads deeper into bear territory, bears plotting path toward 1.6000 - EconoTimes

* EUR/AUD declined on Thursday as concerns about growth in the euro zone and the impact of the Ukraine-Russia conflict weighed on the euro.

* Ukraine reported that Russia launched what seemed to be an intercontinental ballistic missile, potentially marking the first use of a long-range nuclear strike weapon in the conflict.

* Investors remained cautious, carefully navigating the volatility of the Russia-Ukraine conflict. Amid this uncertainty, the appeal of safe-haven assets such as gold and the U.S. dollar strengthened.

* Technical signals are bearish as RSI has turned sharply lower, daily momentum studies 5, 9 and 11 SMAs are trending down.

* Immediate resistance is located at 1.6191(50 %fib), any close above will push the pair towards 1.6282(50%fib)

* Support is seen at 1.6071(23.6 %fib ) and break below could take the pair towards 1.6014(Lower BB).

Recommendation: Good to sell around 1.6100 , with stop loss of 1.6200and target price of 1.6000

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