Forex Flash: EUR/AUD trading with modest upside risk – Westpac

Forex Flash: EUR/AUD trading with modest upside risk â€" Westpac

<!--TITOL:

Forex Flash: EUR/AUD trading with modest upside risk Westpac

FITITOL--> FXstreet.com (San Francisco) - The common currency continues to push higher against the Australian dollar this Wednesday in Asia, with EUR/AUD having touched a 3-day high of 1.2890, last at 1.2885 vs. 1.2846 late Tuesday in New York.

As noted by Sean Callow of the Westpac Global Strategy Group in Sydney, EUR/AUD looks to have only modest further upside risk, towards 1.2970/80. In the weeks ahead, however, “the Eurozone recession contrasted with overly aggressive pricing for RBA easing should help EUR/AUD back to 1.25, but not taking out the Feb lows under 1.22,” he says.