Analyst
The pair cemented its bearish momentum in the session yesterday buoyed by the dovish stance of the President of the European Central Bank, Christine Lagarde. “Lagarde said that while the rebound in the Eurozone economy was increasingly advanced, it was ‘crucial that policy support was not withdrawn prematurely’. The dovish stance sent EURAUD to a low from where a little rebound occurred later in the session. The pair is currently trading around the low of yesterday's candle and the bearish momentum appears exhausted as major stochastic indicators point to the pair trading within the oversold territory.
I expect the pair to move to the upside in today's session after hitting support around the 1.56012 price level. This level has rejected price at the last attempt and is expected to hold forth surging price northward with a target at 1.56950 and stop-loss at 1.55705.
No major economic data with a bearing on the pair
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