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23/2/2017
EUR/AUD

Greek's Economic Fears for EURO

The poll results of the upcoming French election might prove negative for the Euro and several U.K voters have decided to leave the European Union.

Euro investors are concerned over the upcoming French elections as Marine Le Pen's win in the election would mark the decline of the Euro. Thought the election polls places Le Pen in the second place after Emmanuel Macron, Le Pen has earned the confidence and trust of the female voters in the male dominated world of French politics.

The EURO business climate index showed a positive data rising up to 111.0. The current assessment index rose to 118.4 and the expectations index were at 104.0.

The AU MI leading index dropped from 0.4% to 0.0% in January and the AU construction work index (q/q) went down by 0.2% versus the expected rate at 0.5% and the previous month's rate at -4.4%. The AU wage price index (q/q) went up by 0.5% as expected versus the previous month’s rate at 0.4%.

The Reserve Bank of Australia (RBA) Governor Philip Lowe's speech stated that the labor market was proceeding in the correct direction, and they are not ignoring arguments for easier policies.

In spite of the EUR/AUD price affected by a negative pressure, its stability above the support at 1.372 levels forms the main factor and confirms the awaited positivity. Therefore, we will keep waiting for the price to gain a positive momentum. Activating the bullish attack that targets 1.3791 levels would prove a first positive station.

Note that the price attempts to decline below the mentioned support levels will delay the bullish overview. Stochastic attempts forms a new bullish wave to support the bullish suggestion and attempts to provide the bullish momentum again. Fluctuation below 75 levels forces the price to form an intraday sideways bias for its rally towards the suggested targets.

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