EUR Trading Outlook (23-04-2014)

AUD/USD: As mentioned above, market awaits for the data. For now, big range trades still in play, 0.9300-0.9400. The pair need to break either 0.9300 for downward trend or 0.9460 (recent high) for a test of 0.9540.

EUR/USD:The pair bounced off the support near 1.3780 as early action saw narrower yield spreads which gave a boost to the pair. NY walked in and further pushed the pair to a session high of 1.3825 in an effort to run stops above 1.3830. However, push was limited and the EUR quickly slid back to a NY low of 1.3789 as a spike higher in US yields put a broad bid into the USD. Numerous EZ PMI for April will be due today, a soft read may lead to a break of 1.3780.