EUR/AUD operating within 50-pip range

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EUR/AUD operating within 50-pip range

FITITOL--> FXstreet.com (San Francisco) - EUR/AUD managed to touch a 5-month low this Tuesday as it trades a limited range between 1.2246 and 1.2296, last at 1.2277 vs. 1.2270 at the end of trading in New York.

The pair reacted very little to the Reserve Bank of Australia rate hold at 3.5%. According to Andrew Spencer at IFR markets, the RBA is balanced, but risk remains to downside on global concerns.

Mr. Spencer also says that the downtrend remains in play for 1.2130, and identifies initial resistance at the falling 5 DMA at 1.2330, while support is noted at 1.2225 (17 Jan low).