EUR/AUD Back Up Raises After Subtracting the Lowest Level At 1.57800

EUR/AUD Back Up Raises After Subtracting the Lowest Level At 1.57800

The Euro currency showed a slight increase in European session trading as the market reacted to President Mario Draghi's speech in Frankfurt this evening.

Most of the issues in his speech have been discussed at the summit earlier this month but with a more optimistic tone regarding the economy that has survived and he puts confidence in achieving inflationary targets. However, there are still many challenges that need to be addressed by the central bank as best they can.

The euro, however, is still in a currency risk trading against other major currencies.

However, today's trade has seen the euro traded more strongly against the AUD dollar-denominated currencies. The price movements on the EUR / AUD currency pair chart which made yesterday's gains again showed a rise in prices since the Asian market today started.

This is because the Aussie traded is weakly impressed by the economic data in China which is its biggest trading partner.

Industrial profit data in China recorded the biggest drop since 2011 with a decrease in reading to -14% for January and February. Factors affecting the decline in the data include the deterioration in China's major industrial sectors such as auto, oil processing, steel, and chemical industries.

In addition, the sharp decline in the Kiwi trade also affected the decline in Aussie trading on regional factors.

The price on the EUR/AUD chart has risen from the current low of around 1.57800 and has risen above the Magic Pivot level 1.5830 today before heading to resistance level 1.5881 (MagicR1) on the Moshed Magic Line indicator today.

If the price goes up, the SBR (support being resistance) at 1.59000 which has been successful in the previous breakout price will be re-tested before prices continue to rise to a higher level.

However, if the price resumed yesterday's bearish momentum, yesterday's low on daily trading would try to break the price before reaching the next level of support around 1.5744 (MagicS1) support at the Moshed Magic Line indicator.

View charts of the EUR / AUD currency pairs below for your analysis technical analysis. Also note the importance of the Moshed Magic Line indicator to determine the best support and resistance levels daily.

Support level: 1.5744, 1.5693, 1.5606.

Level resistance: 1.5881, 1.1968, 1.6018.