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Forex: EUR/AUD has been held off at 1.2914

FXstreet.com (London) - EUR/AUD has been held off at 1.2914, March highs, whilst it has been moving in a daily range of 106 pips (ATR). Having taken a tumble on the back of ECB comments last week, the pair have enjoyed further Central Bank moves from the RBA, coupled with German data that has dampened, to some extent, speculation for the ECB to ease monetary policy further after Draghi’s dovish comments and further ‘open mindness’ about negative deposit rates for the single zone currency.

Recent price movement has offered a continuation in the bull trend after of the cup and handles formation, but has topped out at resistance of the March highs.

The price is gently gliding down into 1.2871 support, 1.2830 would act as next support line support while making lower lows and lower highs on the 15 minute charts.

Candles have closed below the handle, which may be making way for some more downside.

On the upside, a close above 1.3000 would be a ticket for testing this year’s and previously 2011 highs again.

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