EURAUD Support Analysis
EURAUD has reached the support zone for the 4th time this year.
Still, the Support seems to be very strong in the 4-hour timeframe chart.
The market is moving in a range. Wait for a breakout from this sideways movement to pick the big movement trade on EURAUD.
Euro drags down as ECB downplayed on optimism of negative rate cuts and no further rate cuts in future. Increasing the pandemic emergency program for the longer term to support the economy.
Vaccine hopes still not look as hopes and many areas of France and Germany imposed lockdown restrictions. The overall scenario looks Euro to further weakness.
Australian dollar gains more as Vaccine hopes, but Chinese data shows deflation in October month. National Australia bank’s Business confidence report rose to the highest level since 2019.
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