EUR/AUD drops to 4-month lows

FXStreet (Córdoba) - The decline of the euro across the board yesterday pushed the EUR/AUD pair to break below the key support level around 1.4200; once below accelerated to the downside and bottomed at 1.4067, reaching the lowest price since September 11.

Yesterday closed around 1.4120 and today during the Asian session attempted to recover but it faced resistance below 1.4170. Recently dropped back below 1.4100 and currently is approaching Thursday's lows.

EUR/AUD accelerates to the downside

The pair is headed toward the fifth weekly decline in a row. Since the beginning of the year it has fallen more than 700 pips. The last time the EUR/AUD dropped for five week in a row was back in February/March 2013.