Today's First For Trading Call

EURAUD - Downside stalls; Beware of 127% extension of losses

Ian Coleman - First 4 TradingIan Coleman - First 4 Trading , Analyst, First 4 Trading
Filed in Today's First4Trading Call
United Kingdom, 24 October 2012 at 11:07 GMT+0
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We have held a bearish outlook on EURAUD for some time now but today a strong sell-off has stalled at 1.2534. This is both a 127.2 percent extension of losses from 1.2734-1.2581 and an 88.6 percent pullback of the rally from 1.2508–1.2734. Caution should be noted at this level.

A clear break here (1.2734) and we have a medium-term target level of 1.2415. If this level holds then 1.2659 comes into play….One to watch!

 

 

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