The strong selling interest tracks EUR weakness, fueled by a European Central Bank rate cut. Earlier in the session, the ECB slashed its policy rate by 25 basis points, to 0.75%. ECB President Draghi also acknowledged that economic pain is spreading even to the most stable countries in the Eurozone.
At the time of writing, EUR/AUD trades at 1.2037, recording a 1.2% loss on the day and a 2.7% loss heading into the final day of trading for the week. To the upside, resistance lies at 1.2130 (7 Feb low) and 1.2161 (17 Feb low).