EUR Trading Outlook (04-04-2014)

AUD/USD: A break of 0.9200 could make the pair run into 0.9120/50 sold support area. The 21 % 200 DMAS sit there as do the low from March 25 and the high from March 19. A break through those levels would see a quick run to sub 0.9000.

EUR/USD: The pair was sitting around 1.3760 before the ECB. The initial ECB statement sounded as no action will be taken just like last meeting, making the pair spike up to 1.3808. However, Draghi’s tone started to change and EUR slid below 1.3740 and hit a low of 1.3698. Once again, if U.S comes in with a strong data, we could see EUR slip below tech support of 1.3665/95, if cleared, then Feb low of 1.3477 could be tested again.