1 Dec 2014
EUR/AUD falls below 1.47
FXStreet (Mumbai) - The Single currency erased gains against the Aussie, pushing the EUR/AUD pair below 1.47 levels after the data showed Eurozone manufacturing growth stalled in November.
The EUR/AUD pair traded at 1.4691 levels at the time of writing, after falling-off the day’s high of 1.4779. The gains were erased as Markit's final November manufacturing Purchasing Managers' Index for Eurozone came-in at 50.1, its lowest reading since June 2013 and down from 50.6 in October. The final German manufacturing PMI fell to 49.5, compared to 50.00 in October. Meanwhile, the AUD had weakened earlier today on falling commodity prices and weak China PMI data.
The Aussie has managed to recover part of its losses post the Eurozone PMI data. However, despite weak Eurozone data, the European Central Bank, as per Reuters survey, is not expected to alter its already very loose policy when it meets on Thursday.
EUR/AUD Technical Levels
The pair has an immediate support located at 1.4664, under which losses could be extended to 1.4628 (5-DMA). Meanwhile, resistance is seen at 1.4730 and 1.4779 levels.
The EUR/AUD pair traded at 1.4691 levels at the time of writing, after falling-off the day’s high of 1.4779. The gains were erased as Markit's final November manufacturing Purchasing Managers' Index for Eurozone came-in at 50.1, its lowest reading since June 2013 and down from 50.6 in October. The final German manufacturing PMI fell to 49.5, compared to 50.00 in October. Meanwhile, the AUD had weakened earlier today on falling commodity prices and weak China PMI data.
The Aussie has managed to recover part of its losses post the Eurozone PMI data. However, despite weak Eurozone data, the European Central Bank, as per Reuters survey, is not expected to alter its already very loose policy when it meets on Thursday.
EUR/AUD Technical Levels
The pair has an immediate support located at 1.4664, under which losses could be extended to 1.4628 (5-DMA). Meanwhile, resistance is seen at 1.4730 and 1.4779 levels.