Forex: EUR/AUD slips to 3-day lows; further slides ahead?

FXstreet.com (San Francisco) - EUR/AUD has dropped to the bottom of channel support around 1.2470 that had been carved out over the last two days, led by a broadly stronger Australian dollar following surprisingly positive job numbers in the land down under. From an earlier high of 1.2517, spot has since fallen as low as 1.2460 (currently down 0.3%) at fresh 3-day lows, and is threatening to target lower levels.

Greg McKenna, Chief Executive at GlobalFX says: “a break of 1.2438 is needed to turn the outlook lower again.” For now, price seems to be respecting dynamic support at 1.2450 (9-day EMA). Further support is noted at 1.2425 (Nov 22 high) and 1.2395 (Nov 15 high). The 1.2470 are is now offered as immediate resistance, then 1.2490 and 1.2505 (Oct 11 low).

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