FXStreet (Córdoba) – The euro is rising for the third day in a row against the Australian dollar and is approaching the 1.50 handle. The European currency is the best performer in the currency market on Thursday and also during the week.
EUR/AUD reverses and turns outlook bullish
The pair peaked earlier in July at 1.5070 but retreated sharply and dropped finding support around 1.4630. After moving sideways during several days, on Tuesday it broke to the upside and continued to rally afterwards.
Today it peaked at 1.4945 and currently it trades at 1.4930, up 0.77% for the day. EUR/AUD erased last week losses and still holds a bullish tone. A daily close above 1.5000 could signal a bullish continuation.
No data form Australia, European PMI eyed
No economic data from Australia is due on Friday, while in Europe, the preliminary reading of the PMI manufacturing activity index for July will be released. The Chinese PMI will be published during the Asian session and it could impact the aussie.
(Market News Provided by FXstreet)