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EUR/AUD rally sowing up into a possible reversal?

FXStreet (Guatemala) - EUR/AUD is trading at 1.4558, down -0.22% on the day, having posted a daily high at 1.4596 and low at 1.4515.

EUR/AUD is taking back some advantage on the uncertainties that are playing out in the Eurozone area and a continuation of them could see a correction and reversal for the medium term. The pair is slowing up here and indicators offer a bearish out look, taking the Stochastic Oscillator for example.

We now await the RBA minutes and a number data releases, skilled jobs and CPI the main focus), to take fold ahead of what might be more key in respect of risk sentiment when the ECB releases its weekly financial statement in respect of their bond-purchasing programme. We could get some movement the size of their purchases and it should be a deciding factor in the short-term price of the pair.

EUR/AUD noteworthy levels

With spot trading at 1.4560, we can see next resistance ahead at 1.4564 (Hourly 100 SMA), 1.4580 (Weekly Classic PP), 1.4596 (Daily High), 1.4599 (Daily Classic PP) and 1.4628 (Monthly High). Support below can be found at 1.4559 (Hourly 20 EMA), 1.4558 (Daily Open), 1.4550 (Yesterday's Low), 1.4543 (Daily Classic S1) and 1.4527 (Weekly Low).

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