10 Feb 2015
EUR/AUD up to downside resistance at 1.4580
FXStreet (Guatemala) - EUR/AUD is currently trading at 1.4580 with a high of 1.4586 and a of 1.4458.
EUR/AUD is subject to the continuation of the Greece crisis and news wires throughout this week with the Eurogroup and EU leaders meeting with Greece's FM this Wednesday to try and resolve a deal that is viable for all parties. However, the sceptics banking on a Grexit are growing and this is putting a dark cloud over the Eurozone, along with Italy and France as nations that are looking highly problematic for the bloc nations.
Over in Australia, there were benign releases overnight in respect of business climate and housing that didn't amount to too much positivity, while over in China, the CPI and PPI data gave reason for the market to start pricing in another rate cut from China and that sent the Aussie a little higher on the session as money flows tend to head towards Australia in such an environment with investors seeking yield.
Technically, the cross is bid on the short-term charts and despite fundamental and political pressures weighing in on the Euro, staging a rally onto the 1.45 handle and again through 1.4520 resistance, making higher highs and lows until 1.4580 resistance. The cross is meeting the descending trend line at this juncture and may fail here from the downside at 1.4880, while bulls would seek out 1.4720 to erode the downside resistance.
EUR/AUD is subject to the continuation of the Greece crisis and news wires throughout this week with the Eurogroup and EU leaders meeting with Greece's FM this Wednesday to try and resolve a deal that is viable for all parties. However, the sceptics banking on a Grexit are growing and this is putting a dark cloud over the Eurozone, along with Italy and France as nations that are looking highly problematic for the bloc nations.
Over in Australia, there were benign releases overnight in respect of business climate and housing that didn't amount to too much positivity, while over in China, the CPI and PPI data gave reason for the market to start pricing in another rate cut from China and that sent the Aussie a little higher on the session as money flows tend to head towards Australia in such an environment with investors seeking yield.
Technically, the cross is bid on the short-term charts and despite fundamental and political pressures weighing in on the Euro, staging a rally onto the 1.45 handle and again through 1.4520 resistance, making higher highs and lows until 1.4580 resistance. The cross is meeting the descending trend line at this juncture and may fail here from the downside at 1.4880, while bulls would seek out 1.4720 to erode the downside resistance.