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EUR/AUD capped into sideways consolidation

FXStreet (Guatemala) - EUR/AUD is trading at 1.4622, down -0.02% on the day, having posted a daily high at 1.4632 and low at 1.4622.

EUR/AUD remains in bid territories instigated this week with Germany’s positive IFO numbers and supported on today’s inline GDP data for Germany. The Aussie remains flat in consolidation with pressures that have mounted to the downside below the key 0.8540 area. Strong closes here in AUD/USD opens up further downside potential and EUR/AUD could well be supported on cross flows buying into the Euro.

However, buyers of the EUR/USD may trade with caution as within a low inflation environment downside risks should continue to dominate in the major. Should the cross begin to come off, support below and noteworthy levels can be found at 1.4604 (Daily 200 SMA), 1.4592 (Daily Classic R2), 1.4558 (Hourly 20 EMA) and 1.4537 (Weekly Classic R1).

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