EUR Trading Outlook
TECHNICALS: Make no mistake, we are still very much in range trading mode in the AUD/USD (see chart) and unfortunately we will only know it’s broken after the fact. Nevertheless, the fact that the major moving averages have capped the recent rally may be a sign that the bears are taking control and I remain bearish for a move back below 1.0000.
TECHNICALS: Technical resistance in the form of recent highs and a 38.2 % retracement level is capping for now at 1.0360 (see chart). The next resistance level above there is at 1.0400. Support levels are similarly clear at 1.0260.
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