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EUR/AUD sliding below 1.4500 despite Aussie sell-off

FXStreet (Moscow) -EUR/AUD  touched the Asian hight at 1.4514 after having opened at 1.4451, but failed to settle above 1.4500 pivot and retraced to current level of 1.4480

EUR/AUD is at a loss

EUR/AUD has been growing steadily during previous three days. The pair recovered from weekly lows at 1.4311 (Tuesday’s low) and for a short period of time climbed above 1.4500. Weekly close above this level can improve the technical picture, though from the longer term perspective we need to see the break above 1.4585 (previous week’s high) to get a chance for further sustained upside. Fundamentally, the cross is dependent on both Aussie movements and EUR sentiments. While AUD got under pressure today following the news about China coal import tariffs and poor home loans figures, EUR may get its share of weakness later during the day, when European players join the game. If this is the case, the cross may continue its short-term downside correction with the first aim at 1.4451/50 (Asia opening level).

What price levels and patterns have to be considered?

Spot is presently trading at 1.4488, and next resistance can be seen at 1.4499 (Daily Classic R1), 1.4517 (Daily High), 1.4545 (Monthly High), 1.4547 (Daily Classic R2) and 1.4561 (Weekly Classic R1).

Support below can be found at 1.4471 (Yesterday's High), 1.4454 (Weekly Classic PP), 1.4451 (Weekly High), 1.4451 (Daily Open) and 1.4448 (Hourly 20 EMA).

Regarding candlestick formations, we can see Doji formation on the 1-hour

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