EUR/AUD surged to a fresh 3-month high on Wednesday, breaking above key 38.2 Fibonacci resistance of the 23 Nov/7 Feb troughs at 1.2770, to peak at 1.2840 before closing the North American session at 1.2813, gaining around 0.6% on the day.
In early Asia, the cross is pulling back from the recent high, having traded down into the 1.2800 area just moments ago, last quoted at 1.2805. If the bear pressure persists in the hours ahead, support is noted at 1.2755 (23 March high) then 1.2616 (27 Feb high). To the upside, it could encounter resistance at 1.2917 (28 July 2011 low), then 1.2965 (50% Fibo retracement of the previously mentioned decline).
In early Asia, the cross is pulling back from the recent high, having traded down into the 1.2800 area just moments ago, last quoted at 1.2805. If the bear pressure persists in the hours ahead, support is noted at 1.2755 (23 March high) then 1.2616 (27 Feb high). To the upside, it could encounter resistance at 1.2917 (28 July 2011 low), then 1.2965 (50% Fibo retracement of the previously mentioned decline).
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