FXStreet (Mumbai) – The weak tone on the AUD pushed the EUR/AUD pair higher, with the bulls running out of steam at a high of 1.4560.
Trades between hourly 100-MA and 200-MA
The pair is currently stuck between the hourly 100-MA and 200-MA located at 1.4526 and 1.4560 levels. The weakness in the AUD and other commodity currencies was triggered by the risk aversion in the Chinese equity markets.
However, the gains were capped at 1.4560 (hourly 200-MA) as investors refrain from making big bets on the EUR ahead of the Eurogroup meeting tomorrow.
EUR/AUD Technical Levels
The immediate resistance is located at 1.4560 (hourly 200-MA), above which gains could be extended to 1.46. On the flip side, a break below 1.4526 (hourly 50-MA) could see the pair fall back to 1.45 levels.
(Market News Provided by FXstreet)