Bearish
EUR/AUD remains below 1.61 amid bearish technical outlook and Australian dollar strength.
Over the past 24 hours, EUR/AUD has continued its downward trend, trading below the 1.61 support level. This movement is driven by the Reserve Bank of Australia's (RBA) hawkish stance and the European Central Bank's (ECB) cautious approach to rate hikes. Additionally, the Australian dollar's strength is bolstered by robust labor market data and a commodities boom, further pressuring the euro.
Key points
- EUR/AUD trading below 1.61 support, indicating continued downtrend.
- RBA's hawkish stance and strong labor market data favor Australian dollar.
- Commodities boom strengthens Australian dollar, pressuring euro.
Sources
AI-generated from public news sources. Not financial advice.
