EUR/AUD opens lower – continuing Friday’s decline; bulls need 1.4309 to hold

FXstreet.com (Barcelona) - EUR/AUD trying to pick a direction here – difficult when each currency has been equally strong recently.

EUR/AUD traders to focus on data this week

While there will always be surprise announcements that pop-up, EUR/AUD will react to sentiment (growing more bullish for Australia) and the following data:

• Monday – Aussie Performance of Construction Index (already out better than expectations); EuroZone Investor Confidence
• Tuesday – Australia Business Confidence data; German Trade Balance; German Factory Orders; Mario Draghi speaks; Australian Consumer Confidence
• Wednesday – ECB Monthly Report; German Industrial Production;
• Thursday – Aussie Consumer Inflation data; Australian employment data; Mario Draghi speaks again
• Friday – Inflation data from Germany, Spain and Italy

Technical outlook for EUR/AUD

Technicians say the EUR/AUD cross could go either way here. If 1.4309 fails to hold as support, the technicians say the bears will seize control of the situation. On the other hand, if 1.4513 resistance is conquered on a closing basis, the bulls can claim victory in this battle.