The 8 March EURAUD Technical Outlook shows that the pair is declining in the overnight session, currently testing into the 1.5840 region on positive figures for Australia. What else is revealed?
8 March, GKFX – The Euro is declining against the Aussie in early Tokyo trading after a surprise upside beat to Aussie Trade Balance, coming in at A$1.05B surplus, a clear beat of the A$300M forecast compared to the previous A$1.35B deficit.
The EUR will be seeing the European Central Bank (ECB) Rate Decision is due at 12:45 GMT, but markets are currently expecting rates to remain on hold until May.
8 March EURAUD Technical Outlook
The pair is trading on the high end, with yesterday’s trade touching a two-year high, and H4 charts making higher lows after escaping from February’s consolidation range. Intraday support levels can be found at 1.5825 and 1.5715, with resistance at 1.5920 and 1.5975.
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