Market Analysis: EUR/AUD Approaches Important Support Zone
<img src="https://images.unsplash.com/photo-1621280336935-ed7cae618aac?crop=entropy&cs=tinysrgb&fit=max&fm=jpg&ixid=M3wxMTc3M3wwfDF8c2VhcmNofDF8fGV1cm98ZW58MHx8fHwxNjk0Njg1MTAxfDA&ixlib=rb-4.0.3&q=80&w=2000" alt="Market Analysis: EUR/AUD Approaches Important Support Zone" /><p>Euro currency traders are focused on the ECB meeting, the decision of which will be published today at 15:15 GMT+3. There will be a press conference at 3:45 p.m.</p><p>According to Reuters, the probability of a rate hike is about 60%. The figure stood at 50% at the start of the week as the ECB's updated forecasts expect inflation to remain above 3% next year, well above its 2% target.</p><p>At the same time, Australian dollar traders experienced a spike in volatility this morning following the release of strong labor market data in Australia. Last month, the number of employed people increased by almost 65,000 people — the second highest figure in 2023.</p><!–kg-card-begin: html–><img src="https://s3.tradingview.com/snapshots/v/Vk5uOMPk.png" alt="Market Analysis: EUR/AUD Approaches Important Support Zone" /><!–kg-card-end: html–><p>Today, the EUR/AUD chart forms an interesting picture from the point of view of technical analysis — the price has approached an important support zone formed by the levels 1.658-1.665:<br>→ The level of 1.665 has already shown its impact on the rate in September. Moreover, the long lower shadow on the last bearish candle with a false breakout indicates demand in this zone.<br>→ The 1.658 level is a former resistance that worked effectively in June-July, and after the breakout in August, the EUR/AUD price has not yet tested it.<br>→ The psychological level of 1.66 can provide support.<br>→ The lower boundary of the ascending channel (shown in blue) may also provide support.</p><p>And it is possible that if the price falls inside the zone, the bulls will try to take advantage of the chances and resume the upward trend.</p>
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