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Forex: EUR/AUD keeps pushing below 1.2250

FXstreet.com (Barcelona) - EUR/AUD is again adding loses though this time from current Aussie strength, last at 1.2228 in the EUR/AUD cross, off fresh 4-month lows at 1.2222 printed in late NY trade. The cross leaves behind the 200 day SMA around the 1.2413 level, falling for third consecutive day following Cyprus bailout deal, and subsequent EU's chairman comments. EUR/AUD is down -1.64% for the week so far, while -3.73% year to date.

“The Euro and the Aussie came under some pressure overnight as the former continues to be buffeted not just by Cyprus but also the Italian political impasse and weak European data while the latter continues to do well on the crosses but just couldn't hold the uptrend under the weight of negativity that is nowhere near acute but just enough to stop the buying for the moment,” said GlobalFX CEO Gregory McKenna, former Head of Currency Strategy at the NAB and Westpac.

Immediate support to the downside comes at mentioned recent fresh 4-month lows 1.2222, followed by Nov 08 lows at 1.2192, and Nov 13 lows at 1.2153. To the upside, closest resistance shows at Nov 20 lows 1.2255, followed by Dec 10 lows 1.2281, and Friday's/Thursday's lows at 1.2340.

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