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Euro Short-term Breakdown Gathering Pace: EUR/USD, EUR/AUD

Euro Short-term Breakdown Gathering Pace: EUR/USD, EUR/AUD

2014-03-24 11:10:00
Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- EURUSD breaks overnight low of 1.3785, eyes 1.3745 intraday.

- Euro looks toppish overall - EURAUD might be heading to 1.5000.

- See the DailyFX Economic Calendar for Monday, March 24, 2014.

To keep up with developments central banks and their policy changes, be sure to sign up for my distribution list.

Euro-Zone PMI readings came in mixed, and the Euro is falling through notable levels of support versus the Australian and US Dollars. For the EURUSD, a break through the overnight low of 1.3785 squares up a test of last week's low of 1.3745. Today's H4 reversal is notable as it showed price failing at the Feb-Mar uptrend near 1.3825.

For the EURAUD, a move below last week's low gives greater confidence for a move towards 1.5000. Further weakness in EURAUD fits in neatly with the patterns we covered last week in AUDUSD and GBPAUD - see the report from Friday for more details.

Read more: A Vulnerable Moment for the Euro Post-FOMC

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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