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Forex: EUR/AUD continues to fall. Pair 1.6111 at last trade

Mon, Nov 9 2009, 02:06 GMT
http://www.fxstreet.com

FXstreet.com (Sydney) – The EUR/AUD has been in freefall dropping to an intraday low of 1.6088 before recovering to 1.6111. The trend for the pair is downwards, with supports at 1.6090 and resistance at 1.6490.

The pair will again be tested by economic news due out this week. In Australia the unemployment rate is tipped to rise by 0.1% in October to 5.8% after job ads ceded gains in September. Europe this week, reports include German Trade Balance and Industrial production and the Sentix Investor Confidence survey on sentiment toward European economies.

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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

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