The Euro is one of the most promising major currencies right now. The Eurozone is showing continued growth and the ECB is starting to lean towards tapering their QE program. With the Five Star Movement in Italy announcing today that they no longer support a Euro referendum, there is no longer any significant political risks near term for the bloc. This gives the Euro alot of room to move upward.
The EUR/AUD pair takes advantage of the Euro strength versus the weakness in the Australian economy. On the technical side the currency pair has just bounced on its 38.2% retracement line and price action is crossing the 50-day Moving Average. Solid fundamentals and technicals make this an ideal trade. No major resistance until the 1.4860 area.
The EUR/AUD pair takes advantage of the Euro strength versus the weakness in the Australian economy. On the technical side the currency pair has just bounced on its 38.2% retracement line and price action is crossing the 50-day Moving Average. Solid fundamentals and technicals make this an ideal trade. No major resistance until the 1.4860 area.
Trade Details
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Risk/Reward Ratio
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1:4.1
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Entry
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1.4730
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Target
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1.4850
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Stop Price
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1.4699
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