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EUR/AUD has been quite volatile and bearish. The trend started since the price bounced off the 1.58 price area. AUD has surged strongly against EUR recently due to positive economic reports which are expected to make the bearish pressure dominate further in the coming days. Recently, Australia's Employment Change report was published with the figure of 34.7k which was lower than the previous figure of 63.6k but better than the expectation of 13.2k. Besides, the Unemployment Rate slightly increased to 5.5% which was expected to be unchanged at 5.4%. The better-than-expected employment report again helped the currency to sustain its gains against EUR but could not push the price as lower as expected. On the EUR side, today the current account report was published with an increase to 32.5B from the previous figure of 30.3B which was expected to be at 31.3B. However, the positive economic data helped EUR to put a pause on the bearish pressure which AUD created in the pair. But the hold is expected to be temporary, as bears are expected to take the price much lower in the coming days. As of the current scenario, AUD is likely to dominate further in the pair for a certain period before EUR tries to fight back with strong bulls on its side in the future.
Now let us look at the technical view. The price is currently showing some bullish rejection off the dynamic level of 20 EMA, whereas the recent impulsive pressure was strongly bearish. As of the current price action, it is expected to reach lower towards 1.51 support level in the coming days before the price surges up higher with target towards 1.55 in the coming days. The bulls are still stronger and expected to continue its pressure as the price remains above 1.51 with a daily close.
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