EUR/AUD Price Analysis — December 3

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The EUR/AUD traded through the early European session on Thursday in a sideways manner, as the pair reels from its recent bull run.

The European Union reported yesterday that the Euro Area Unemployment Rate dropped from 8.5% in September to 8.4% in October, just as analysts predicted. According to a BK Asset Management official, Kathy Lien, strong economic data and a slowdown in the number of COVID-19 cases across the Eurozone is responsible for the current bullish strength seen in the euro.

Meanwhile, the European Central Bank (ECB) is expected to announce additional stimulus measures in its meeting on the 10th of December. This plan was telegraphed by the ECB, allowing traders to price-in the effect of the news beforehand. That said, the lack of surprise from the impending news could bolster the euro.

In other news, the Aussie was supported by the recent upbeat domestic trade balance, which recorded a surplus in the economy. However, a cautious mood around the equity markets failed to provide any demand for the riskier Australian dollar. This could thwart any significant price action in the AUD, causing traders to seek other flourishing currency counterparts like the EUR.

EUR/AUD Value Forecast — December 3

EUR/AUD Major Bias: Sideways

Supply Levels: 1.6400, 1.6512, and 1.6567

Demand Levels: 1.6200, 1.6100, and 1.6000

The EUR/AUD broke above the long-prevailing descending channel, thereby negating its previous bearish tone. The pair likely found some support near the 1.6100 line, which has prevented a sustained decline towards the 1.6000 all through the year.

Currently, the pair is trading within a consolidation range between 1.6400 and 1.6330. A break above the 1.6400 could facilitate further climbs to the 1.6567 crucial resistance.

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