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Forex: EUR/AUD wallowing around 1.2500

By FXstreet.com,  October 25, 2012, 06:43:00 PM EDT

FXstreet.com (San Francisco) - EUR/AUD ended lower for a second day Thursday since breaking out of triangular consolidation a couple of days ago, but the pair still seems to be negotiating a wall of orders around the 1.2500 level.

The euro has not enjoyed as much demand as the commodity currencies, with the single currency struggling due to economic uncertainty throughout Europe - most recently on the back of weak eurozone PMI figures seen earlier in the week, which is helping drive EUR/AUD lower.

So far this Friday in Asia, price holds steady around the 1.2495 zone, with bearish targets noted at 1.2460 (Sep 26 high), 1.2433 (50-day EMA) and 1.2390 (Sep 5 high). If bulls regain the upside, the Oct 19 low at 1.2580 may cap short-term rallies.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks:



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