EUR/AUD bouncing listlessly after bearish reversal candle was posted Tuesday

FXstreet.com (Barcelona) - The EUR/AUD put in a significant bearish reversal on Tuesday as the commentary out of the Reserve Bank of Australia boosted the Aussie Dollar early in the session. So far Wednesday, the bounce attempt under way has been less than inspiring.

EUR/AUD will react to the ECB rate decision and Aussie data Wednesday

Aussie building permits and the Aussie trade balance data came out AUD-bearish early Tuesday. The news sent EUR/AUD from 1.4365 to 1.4420 in less than an hour. Still, though, the up move pales in comparison to the down move from 1.4552 to the 1.4391 close on Tuesday.

Later Tuesday, EUR/AUD traders will be focused primarily on the ECB interest rate decision and accompanying commentary.

Technical outlook for EUR/AUD

Technicians say that closing resistance for EUR/AUD comes in at 1.4512 – which was seriously challenged Monday and Tuesday. Support for the cross comes in at the 9/23 low of 1.4272.