EUR Trading Outlook (22-04-2014)

The AUD: Bulls are heartened by the crossing of longer term moving averages (40 and 200 DMA). The pair remain strong and technically solid on the major crosses, holding above the 200 DMA against USD, EUR, JPY and CAD. Current short term key support of 0.9290/0.9300 is worth to watch, as a break through it could lead more bears jump in.

EUR/USD: The thin rally throughout public holiday was capped by the 10 DMA and a high of 1.3830 was touched as USD/JPY failed to break Asia’s 102.71 high. The pair then broke below 1.3805/10 support and hit a low of 1.3787 as EUR crosses was pressured. Techs shows some bearish signs, day/week RSI lean bearish and the pair has pierced the 21 DMA & daily cloud top. Stops are below 1.3780 and may attract early Asia sell off if no recovery takes hold soon. A break below 1.3780 could see a quick move towards 1.3700/20.

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