EUR/AUD overbought ST and facing Fibonacci projection resistance at 1.4667

FXstreet.com (Barcelona) - EUR/AUD has been on a wave higher to the upside since bad Chinese data did a number on the Aussie Dollar Wednesday and Thursday. A pause may be in order before more upside can play out.

EUR/AUD traders to focus on Germany and Draghi Friday

Friday’s data calendar sports the Germany’s GDP as well as the Germany’s IFO Current Assessment, Business Climate and Expectations. Additionally the ECB’s Mario Draghi will be giving a speech which traders will need to monitor. There is no data due out from Australia Friday.

Technical outlook for EUR/AUD

Technicians say EUR/AUD has a short-term upside target of 1.4667. From there, they are looking for a modest correction / consolidation period where the cross may drop to 1.4575. Additional support for the cross comes in at a lower Fibonacci level of 1.4527. The next upside target beyond 1.4667 is 1.4751.