Euro Off Fresh Multi-month High Against Australian Dollar

Euro Off Fresh Multi-month High Against Australian Dollar


The euro that advanced to a fresh multi-month high of 1.2491 against its Australian counterpart in the mid-Asian deals Monday erased some of its gains in late trading. The euro reached as low as 1.2447 against the aussie before holding steady around 3:50 am ET.
The EUR/AUD rally stalled near its 61.8 percent retracement level between a high in May and a low in August. The pair may either extend its recent pull back as it is in a retracement mode or the cross will continue to creep higher as a major resistance zone of 1.3010/50 area is visible on the upside.