Forex: EUR/AUD lower and trading at 1.6236

23 November 2009 @ 01:19 am EDT

FXstreet.com (Sydney) - The EUR has steadily ceded ground to the AUD and is trading at 1.6236. The pair had earlier opened at 1.6237, reached an intraday high of 1.6286 to drop steadily. There is support for the pair at 1.5940 and resistance is at 1.6500. The likely trend is sideways.

The AUD had a mixed day but followed general downward trends in the markets today. Investors had grown wary of recent markets gains, deciding to support the dollar instead and engage in profit-taking selling the AUD.

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