EUR/AUD - bearish setup intact, could see 1.44 levels

FX:EURAUD   Euro / Australian Dollar
The Australian dollar held near four-month highs against a soggy euro as expectations of further easing by the ECB underpinned demand for carry trades

EUR/AUD dropped to 1.4696, its lowest since July, down around 1.5 percent on Friday, and was last trading at 1.4778 on the day, after paring some of Friday's losses

The pair has retraced over 50 % Fibo of the 1.3677 to 1.6584 ( Apr - Aug) rise, momentum studies, 5, 10 & 20 DMA's trend south - bearish setup in place

A sustained break under 1.4695 could see a retracement all the way to 1.4400 and then 1.4360 (76.4 % Fibo of Apr to Aug rise) with little chart support seen until then

200 DMA at 1.4797 which gave way on Friday is now the initial resistance ahead of 1.4869 (5 DMA)

Recommendation: Go short on close below 200 DMA at 1.4797, SL: 1.4900, TP1: 1.4400, TP2: 1.4360
Trade closed: target reached


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