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