EUR/AUD retreats further, hits 3-day lows

FXstreet.com (Córdoba) - The EUR/AUD continues to move in a corrective mode, retreating from 1.5510 and recently reached at 1.5356 the lowest price since last Thursday. The Aussie continues to recover ground, but still holds far from the levels it had before the release of the Australian employment report.

Technical outlook for the EUR/AUD

In the short-term, the pair continues to move with a downside bias, with resistance located at 1.5405, where an hourly downtrend line is crossing. Below daily lows, immediate support lies at 1.5325 (January 10, 15 highs) ahead of 1.5280.

On a wider view, the EUR/AUD still looks bullish but if the price breaks below the support area at 1.5325, momentum could favor a major retracement. To the upside potential resistance comes at 1.5405, 1.5420 (Monday's American session high) and 1.5480.