FXstreet.com (Sydney) - The EUR/AUD rose rapidly to 1.6462 but has steadily lost ground to trade at 1.6331. The trend is down to sideways with supports at 1.6280 and resistance on the upside at 1.651.

The economic data coming out of Europe is not good as European shares hit a one-month closing low yesterday. People are worried about the banking sector once again because we have had a couple of European results that were somewhat worse than expected, said Luc Van Heckla, chief economist at KBC Securities.