EUR/AUD retreats from 1.5480 as Stevens speaks

FXstreet.com (Córdoba) - The EUR/AUD rose to 1.5482 a few minutes ago, reaching a fresh 3-year high but retreated afterwards below 1.5440 as the governor of the Reserve Bank of Australia speaks at the Parliament. Glenn Stevens mentioned again the need of a lower exchange rate and gave some optimism about the future of the Australian economy. The Aussie strengthened in the market following initial comments from RBA governor.

EUR/AUD holding a firm tone

Despite recent pullback, the EUR/AUD broke on Tuesday a key resistance around 1.5440 that capped the upside in the previous days. Long and short-term bias remains to the upside as the Euro heads for the sixth consecutive weekly gain.

The outlook for the pair, according to Himanshu Jain, from ForexAbode.com is bullish“as the price -action stays above 1.5180/1.5189 support zone”.