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EUR/AUD stalled at key resistance zone of 1.4570/80

FXStreet (Moscow) - EUR/AUD has gained nearly 90 pipis on the day as the pair is now trading at 1.4561 after having started the day at 1.4478; the bullish is waning n approach to the key resistance zone of 1.4570/80.

Enough for the bulls?

On the longer-tern charts EUR/AUD is clearly correcting from 1.3800 low reached early in September. The cross has managed to regain more than 700 pips by now on the back of broad band Aussie sell-off. Though, currently the cross has reached an important resistance zone at 1.457/80 that limited the cross gains back in June. The dynamics of EUR/AUD is definitely shaped by general Aussie sentiments, but EUR weakness ahead of ECB meeting this week might limit the upside. On the intraday basis keep an eye at 1.4580, once this level is broken, the upside may extend towards 1.4600. The downside is likely to be limited by Asian low at 1.4470.

What price levels and patterns have to be considered?

Current price is 1.4569, with resistance ahead at 1.4572 (Weekly Classic R1), 1.4583 (Daily High), 1.4605 (Daily Classic R2), 1.4646 (Daily Classic R3) and 1.4673 (Weekly Classic R2).

Support below can be found at 1.4563 (Yesterday's High), 1.4538 (Daily Classic R1), 1.4532 (Monthly High), 1.4532 (Weekly High) and 1.4505 (Hourly 20 EMA).

Looking at price patterns, we can see a Doji 4-hour candlestick formation,

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