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Forex: EUR/AUD takes some breath above 1.2500

EUR/AUD is currently resuming the bounce off yesterday's fresh 2-month low at 1.2467, last at 1.2558, fresh session highs, a +0.71% higher from mentioned low. The cross is now around yesterday's previous lows, before it broke to the downside following incredibly better than expected Australian jobs report for the month of February released early in yesterday's Asian trade.

The cross stalled this way the bearish run of six consecutive days falling started March 08 around the 1.2800 highs, ahead of its flat 200 day SMA last at 1.2421. EUR/AUD is still down -1.17% for the week, with prospects still bullish for the longer term, according to IFR Markets analyst Richard Sexton. “Big picture still bullish,” he said. Aussie has been second strongest currency among majors in last 2 trading days, only below Pound.

Immediate support tot the downside for EUR/AUD lies at recent fresh 2-month lows 1.2467, followed by 200 day SMA at 1.2421, and Nov 15 highs/Jan 07 lows 1.2499/1.2505. To the upside, closest resistance shows at current levels as yesterday's/Jan 17 lows 1.2555, followed by April 16 2010 lows 1.2570, and yesterday's highs/Tuesday's lows 1.2604/1.2595.

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