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EUR/AUD treading key daily support

FXStreet (Barcelona) - EUR/AUD is trading at 1.4434, up 0.06% on the day, having posted a daily high at 1.4437 and low at 1.4423.

EUR/AUD has been a steady progression from below the 1.44 handle, meeting supply at the mid point of the handle through the pivot and back to lie level with it after a disappointment from the IFO numbers in Germany overnight. There are fundamentals on both sides that give support to both sides of the quote and the outlook is neutral in the near term, both technically and fundamentally. For example, with there being a positive result from the ECB’s stress tests, that also favours the Aussie to some degree in respect of there being liquidity in a return to business as normal environment where the investor will search for yield and a return. currently, this area where the pair has been changing hands is a strong supporting level on the daily charts and it needs something significant in favour of the Aussie for a convicting retest of the downside.

EUR/AUD noteworthy levels

Spot is presently trading at 1.4436, and next resistance can be seen at 1.4437, 1.4461 (Weekly Classic PP), 1.4463 (Daily 20 SMA) and 1.4498 (Daily Classic R1). Support below can be found at 1.4434 (Daily Classic PP), 1.4432 (Hourly 100 SMA) and 1.4424 (Hourly 20 EMA).

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