The EURAUD broke through the 200-hour MA as the candle in the last hour closed at 1.5908, compared to a value of 1.5903 for the MA. The pair also appears to be trading close to the Fib. 38.2% level at 1.5921, without thus far being able to close above it, even though some breakthroughs have been recorded. In the case that the Resistance is broken, the next level would stand at 1.5943 (Fib. 50%), while the Support level at Fib. 23.6% stands at 1.5894.
The move appears to be in anticipation of Mario Draghi’s speech at the European Parliament, set to start at GMT 14:00.
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Dr Nektarios Michail
Market Analyst
HotForex
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