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EUR/AUD risks mounting to the downside

FXStreet (Guatemala) - EUR/AUD is trading at 1.4392, down -0.15% on the day, having posted a daily high at 1.4422 and low at 1.4385.

EUR/AUD price has fallen sharply on the back of positive performances in the business sector of the Australian economy. The data arrived as being the largest increase of a month in the history of the survey. The pair penetrated the 1.44 level and opens downside risks beyond 1.43 and towards the bullish gap created on the open of last week’s business.

We are trading below 50% of the range since the gap and pressures are mounting while the greenback weighs on the EUR also with attempts stalling at 1.2498/09. Risks there remain with the ECB’s intent for purchases of asset-backed securities that should commence next week while extra liquidity in the market should support the Australian dollar.

EUR/AUD noteworthy levels

Spot is presently trading at 1.4393, and next resistance can be seen at 1.4407 (Hourly 20 EMA), 1.4408 (Daily Classic PP), 1.4417 (Daily 20 SMA) and 1.4422. Support below can be found at 1.4385 (Hourly 200 SMA), 1.4383 (Daily Classic S1) and 1.4369 (Daily 100 SMA).

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