On October 28 European Central Bank held a press conference. Inflation has hit Europe and now the time has come for more profound steps in the fight with the post-pandemic economy. What should we know to trade these events?
EUR/AUD looks down
2020-12-03 • Updated
EUR/AUD rose to 1.6420 yesterday but failed to close there. The 200-period MA on the H4 chart and the 50- and 100-day MAs limit the upside. The pair is currently testing 38.2% Fibonacci retracement of the November-December advance. It looks like we have an interim top. EUR/AUD may slide lower. The next levels to watch are 1.6270 (50% Fibo) and 1.6235 (61.8% Fibo and MAs).
Trade idea for EUR/AUD
SELL 1.6295; TP1 1.6270; TP2 1.6235; SL 1.6310
The rally of the US dollar has stopped for a while. That allowed risk-on assets (GBP, NZS, AUD, stocks) and also gold to recover some losses.
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