Forex: EUR/AUD stalls below 3-month highs 1.28 round level (Barcelona) - EUR/AUD has found once again strong resistance at the 1.28 round level, for third time today since early Oct last year, currently retracing from fresh 3-month high at 1.2807, 1 pip higher than Dec 27 highs, according to The cross had a nice run up since previous Asia-Pacific open yesterday, gaining +1.31% since then, on the back of both Euro strength, and Aussie weakness.

The cross is up +0.92% for the week so far, following totally flat previous week. Better than expected PMI figures in Germany this Thursday sent EUR/USD higher, while, despite best HSBC PMI China yesterday in last 23 months, Aussie was dragged down on fears over NK nuclear threat, and weighed on weak CPI data in Australia earlier in the week.

Immediate resistance to the upside for EUR/AUD shows at mentioned 1.28 round area as previous 3-month highs, followed by Oct 05 highs at 1.2824, and June 04 2012 highs at 1.2872. To the downside, closest support lies at past Friday's highs 1.2740, followed by Jan 14 highs at 1.2710, and Wednesday's highs at 1.2653.

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