EUR/AUD Price Analysis — December 3

EUR/AUD Price Analysis — December 3

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.

EURAUD – 4-Hour Chart

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.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.