EURAUD Trend Line Support Hanging by a Thread

EURAUD Trend Line Support Hanging by a Thread

23 March 2016, 05:46
Francis Dogbe
0
18
EURAUD continues to tread water above trend line support that extends off the April 2015 low. I mentioned this level a few days before the ECB rate decision that took place on March 10th. Despite the Euro’s aggressive rally during Mario Draghi’s Q&A session that followed the March 10th rate cut, a recent surge in the Australian dollar has limited the pair’s gains to the 1.50 handle. What’s more, the lack of any meaningful bid at trend line support should have the bulls nervous about the prospect for further gains. One thing any potential buyer looks for after a market tests a key support level is... READ MORE
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