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27 Mar 2015
EUR/AUD: Supply puts cross back down in to channel
FXStreet (Guatemala) - EUR/AUD is currently trading at 1.3896 with a high of 1.3906 and a low of 1.3876.
EUR/AUD is supported in the aftermath of the overnight supply on the back of yesterday's rally that faltered as the euro took a beating at the mid pint of the 1.10 handle, dragging the cross back down into the consolidating channel formed at the 1.40 psychological level and resistance of the mid month upside drift.
Fundamentally, Lee Hardman, currency strategist at The Bank of Tokyo-Mitsubishi UFJ, Ltd suggested that the main focus in the week ahead will likely be on whether Greece is able to present a credible economic reform plan to satisfy its creditors as it is quickly running out of money which poses some downside risks for the euro.
EUR/AUD is supported in the aftermath of the overnight supply on the back of yesterday's rally that faltered as the euro took a beating at the mid pint of the 1.10 handle, dragging the cross back down into the consolidating channel formed at the 1.40 psychological level and resistance of the mid month upside drift.
Fundamentally, Lee Hardman, currency strategist at The Bank of Tokyo-Mitsubishi UFJ, Ltd suggested that the main focus in the week ahead will likely be on whether Greece is able to present a credible economic reform plan to satisfy its creditors as it is quickly running out of money which poses some downside risks for the euro.