Forex: EUR/AUD capped below 1.24 round

FXstreet.com (Barcelona) - With optimism over a positive outcome for next aid tranche for Greece to be announced shortly, EUR/USD is currently breaking higher above its latest descending trend line coming from highs at 1.3140 by mid Oct, printing fresh 10-day highs, limited at the moment by its 200 day EMA, making EUR/AUD also moving higher, but finding strong resistance for the third time in last 5 trading days at the 1.24 round ask line, where the 200 day SMA is around.

“Break above 1.2410 in EUR/AUD would be very bullish,” says IFR analyst John Noonan in his twitter account. The cross is bouncing from yesterday's lows at 1.2304, making the daily high at 1.2401 by early NY, where it started a shallow retrace back to recent session lows at 1.2366, for then attempting again breaking above mentioned hard selling price zone around the 1.24. EUR/AUD is up for the week by +0.69%.

Immediate resistance to the upside shows at recent session/Nov 15 highs/200 day SMA 1.2400/15, followed by Oct 29 lows at 1.2450, and Oct 31 highs at 1.2534. To the downside, closest support lies at recent session lows/Tuesday's highs 1.2366/59, followed by yesterday's lows at 1.2300, and Monday/Tuesday lows/Nov 09 highs at 1.2260/70.

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