EUR/AUD climbs for 2nd consecutive day to hit the 1.48 handle

FXstreet.com (Barcelona) - The EUR/AUD foreign exchange cross rate is last trading at 1.4793 climbing for second consecutive day on the back of massive weakness in Aussie this time also combined with some Euro strength once has breached the 1.34 USD handle to the upside for the first time since early February.

EUR/AUD topping formation negated

“Yesterday we had strong support at 1.4450 holding firm in EUR/AUD and today the prospective topping formation has been negated by the break back above 1.4750,” said FXWW founder Sean Lee, adding: “Looks like a clear buy-dips proposition once again.” The cross is up +1.96% for the week so far.

EUR/AUD key technical levels

Immediate support to the downside for EUR/AUD lies at recent session and August 06 lows 1.4745/35, followed by August 01 lows at 1.4706, and August 08 lows/Monday's highs at 1.4660/55. To the upside, closest resistance shows at recent session highs 1.4808, followed by early NY session/weekly highs at 1.4845, and August 08 highs at 1.4867.