8 Dec 2014
EUR/AUD rises to 7-month high
FXStreet (Mumbai) - The single currency rose to a seven-month high today against the Aussie as the disappointing Chinese trade balance data weakened the AUD/USD pair.
The EUR/AUD pair traded 0.38% higher at 1.4837 levels at the time of writing. The Australian dollar took a hit after the data released in China showed imports collapsed 6.7% year-on-year in November, while export growth slowed to 4.7% year-on-year. The weak data renewed concerns of a slowdown in the Chinese economy, which is a top destination for Australian exports. The AUD/USD pair weakened 0.53% to trade at 0.8267 levels.
Meanwhile, the weak Chinese data also pressurized the EUR/USD pair, although losses have been marginal due to a rise in the German industrial activity in October.
EUR/AUD Technical Levels
The pair has an immediate resistance at 1.4877 (May 21 high), above which gains could be extended to 1.4970 levels. Meanwhile, support is seen at 1.4759 and 1.4709 levels.
The EUR/AUD pair traded 0.38% higher at 1.4837 levels at the time of writing. The Australian dollar took a hit after the data released in China showed imports collapsed 6.7% year-on-year in November, while export growth slowed to 4.7% year-on-year. The weak data renewed concerns of a slowdown in the Chinese economy, which is a top destination for Australian exports. The AUD/USD pair weakened 0.53% to trade at 0.8267 levels.
Meanwhile, the weak Chinese data also pressurized the EUR/USD pair, although losses have been marginal due to a rise in the German industrial activity in October.
EUR/AUD Technical Levels
The pair has an immediate resistance at 1.4877 (May 21 high), above which gains could be extended to 1.4970 levels. Meanwhile, support is seen at 1.4759 and 1.4709 levels.