EUR/AUD is a great barometer for global risk, and as it falls - it shows that traders are getting rid of the Euro for the more risky Australian dollar. The gap that was formed a couple of weeks ago is being retested, and we think a break below the 1.36 level should be a signal that this pair falls much farther.
The EUR/NZD pair looks like the 1.75 level has repelled the bullish action as the world is feeling better about taking risk, and therefore wants to take on the Kiwi dollar. The 1.70 level is one that could be supportive, and if it gives way - we fall down to 1.60 before it is all said and done.
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