forex trading outlook today- EUR/AUD technical analysis november 13 2012 : The EUR/AUD maintained its downward tendencies to hit a 3-month low in thin holiday trading Monday, with spot managing to close lower for a ninth consecutive day at 1.2785, weighed by uncertainty surrounding Greece about receiving an extra EUR 5 billion this week to avoid default.
The common currency has fallen about 2.4% against the Aussie dollar so far in November, and may remain under pressure heading into year-end if Greece does not receive a new round of bailout money.
Just hitting the wires are reports that EU Chief Jean-Claude Juncker has announced that the decision on Greece's next bailout disbursement (EUR 31.5bn) will be made at the next meeting on Tuesday November 20.
Technically speaking, EUR/AUD finally broke below a 50% Fibonacci level at 1.2210 (1.1604/1.2820 upswing), with further support noted at 1.2130 (Feb 7 low) then 1.2070 (61.8% Fibo). Bullish targets lie at 1.2230 (Sep 7 low), 1.2255 (Sep 12 low) and 1.2282 (9-day EMA).
With virtually no market moving data on offer today in Asia, tight ranges may be seen. Also, the Diwali Hindu festival begins today, another reason to expect light flows as much of Asia will also be on the sidelines.
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