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EUR/AUD comes with limited upside potential

FXStreet (Guatemala) - EUR/AUD is trading at 1.4577, up 0.26% on the day, having posted a daily high at 1.4599 and low at 1.4535.

EUR/AUD is denying the bulls of the Aussie who are backing the currency on a stable RBA rate outlook. The euro has enjoyed short covering demand through October offering fuel for targets towards 1.47 and with today’s atmosphere the pair relished in an offered greenback. However, we will not put the weak euro economy behind us too quickly and the ECB may come under pressure this month and next dampening any strength in the single currency. The AUD may trade with more upside potential than the euro on that basis in coming days should the US continue to print poor data.

EUR/AUD noteworthy levels

Current price is 1.4578, with resistance ahead at 1.4599 (Daily High), 1.4623 (Weekly Classic R1), 1.4628 (Daily Classic R2), 1.4664 (Yesterday's
High) and 1.4696 (Daily Classic R3). Next support to the downside can be found at 1.4578 (Daily Classic R1), 1.4545 (Monthly High), 1.4540 (Hourly 20 EMA), 1.4540 (Weekly High) and 1.4540 (Daily Open).

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