FXStreet (Guatemala) – EUR/AUD is currently trading at 1.4533 with a high of 1.4554 and a low of 1.4404.
EUR/AUD has made a minor recovery from the lows and finds 1.4400 level as support post an aggressive phase of supply that has the cross taken down by two big figures. Fundamentally, the cross is subject to a weaker back drop in the Australian economy with a dovish RBA but is unable to advance while the ECB’s QE programme keeps a lid in the euro and prospects of a recovery in the EZ are slow to evolve.
Greek uncertainties weigh on EUR/AUD
Greece is also weighing on the euro while there are still no confirmations of a deal this week while negotiations continue in to a further Eurogroup meeting today. However, there has been positive sentiment, so far, that a deal will be agreed upon this week.
Technically, the cross remains within a bullish phase, while 1.44 supports the downside and 1.4730/50 caps demand. 1.4800 would need to be accomplished on further attempts to the upside while a break of 1.44 would be a negative outcome given the risks to the ascending support line from May’s lows.
(Market News Provided by FXstreet)