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3 Dec 2014
EUR/AUD falls below 50-DMA
FXStreet (Mumbai) - The EUR/AUD pair is back below the 50-DMA level located at 1.4721, as the single currency tanked to a fresh yearly low against the greenback ahead of the European Central Bank meet.
The EUR/AUD pair traded 0.33% higher at 1.4703 at the time of writing. Earlier today, the Aussie weakened against the Euro after the Australian economy entered a technical income recession and the GDP expanded just 0.3% in the September quarter. The weak data helped the EUR/AUD pair clock a high of 1.4779 earlier today.
However, the pair failed to sustain gains as the EUR/USD pair hit a new yearly low of 1.2339 at the time of writing. The EUR/AUD pair may erase entire gains if the Services PMI data cross the Eurozone highlights a slowdown in activity.
EUR/AUD Technical Levels
The pair has an immediate resistance at 1.4721 (50-DMA), above which the pair may re-test 1.4779 levels. Meanwhile, support is seen at 1.46 and 1.4540 levels.
The EUR/AUD pair traded 0.33% higher at 1.4703 at the time of writing. Earlier today, the Aussie weakened against the Euro after the Australian economy entered a technical income recession and the GDP expanded just 0.3% in the September quarter. The weak data helped the EUR/AUD pair clock a high of 1.4779 earlier today.
However, the pair failed to sustain gains as the EUR/USD pair hit a new yearly low of 1.2339 at the time of writing. The EUR/AUD pair may erase entire gains if the Services PMI data cross the Eurozone highlights a slowdown in activity.
EUR/AUD Technical Levels
The pair has an immediate resistance at 1.4721 (50-DMA), above which the pair may re-test 1.4779 levels. Meanwhile, support is seen at 1.46 and 1.4540 levels.