EUR/AUD breaks below 1.2200 on positive Aussie data

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EUR/AUD breaks below 1.2200 on positive Aussie data

FITITOL--> FXstreet.com (Barcelona) - EUR/AUD just touched a fresh 4-month low at 1.2194 following much better Australia retail sales than expected, lowest since Feb 17. The cross is lower since previous Asia-Pacific open yesterday by -0.35%, and -1.11% for the week so far. It peaked for year 2012 at May 19 1.3033 having lost since then some -6.16%.

With EUR and GBP being weakest currencies in last few days, and Aussie and Kiwi strongest, EUR/AUD has been closing lower in 6 out of the last 7 days, with daily RSI reading 22.48 and 17.81 in the 8 hours bars chart, showing is way oversold in the short term, and all time lows at beginning of current year in February around the 1.21 level.

Immediate support to the downside for EUR/AUD comes at recent session and fresh 4-month lows 1.2192, followed by Feb 03/15 lows at 1.2176, and Feb 16 lows at 1.2150. For the upside, closest resistance shows at yesterday's lows 1.2244, followed by yesterday's highs at 1.2298, and Friday's lows at 1 .2325.