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EUR/AUD rejected at 200-SMA

FXStreet (Mumbai) - The EUR/AUD pair faced rejection at the 200-SMA level located at 1.4612, after the weak HSBC preliminary German PMI readings hit the wires.

The EUR/AUD pair traded at 0.08% lower at 1.4556 at the time of writing. The Single currency came under pressure after the German private sector growth hit a 16-month low in November. The HSBC Flash PMI reading slumped to 50.0, from 51.4 in October. Meanwhile, the Australian dollar was also under pressure against the greenback post the release of the disappointing Chinese PMI data. However, the EUR suffered a double blow in the form of a weak Chinese PMI and a weak German PMI data.

EUR/AUD Technical Levels

The pair has an immediate resistance at 1.4612 (200-SMA), above which the gains could be extended to 1.4630 levels. Meanwhile, support is seen at 1.4526 and 1.4480 levels.

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