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EUR/AUD breaking down key 1.42 supporting handle

FXStreet (Guatemala) - EUR/AUD is trading at 1.4179, down -0.24% on the day, having posted a daily high at 1.4199 and low at 1.4172.

EUR/AUD had been consolidating the move down but has started out the week breaking through the 1.42 handle opening up potential to meet the 1.40 mark that was last traded at in over a year. The Euro is weak across the board, suffering on the back of recent events and comments from Draghi in relation to the economy and widening divergence between Central Bank policies, with the EZ lagging in terms of a requirement to raise base rates. Meanwhile, Analysts at Rabobank noted that, overall, it’s true to say that this a relatively quiet week from a data perspective. “However, whether the same will prove true in terms of events (Russia/Ukraine, the Middle East, Iceland, Ebola, etc.) remains to be seen”. From the calendar we get the German IFO survey. Analysts at Rabobank explained that tt is necessarily seen gloomier than last month given the tensions with Russia. “Consensus is a drop in the business climate from 108 to 107, for current conditions from 112.9 to 112, and for expectations from 103.4 to 102.1”. Then , we will see on Thursday one of the first slices of Australia’s Q2 GDP data.

EUR/AUD hourly levels

Spot is presently trading at 1.4180, and next resistance can be seen at 1.4199 and 1.4214. Support below can be found at 1.4172, 1.4149 (Daily Classic S2) and 1.4144 (Annual Low).

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