FXstreet.com (Sydney) - The EUR/AUD has been in freefall dropping to an intraday low of 1.6088 before recovering to 1.6111. The trend for the pair is downwards, with supports at 1.6090 and resistance at 1.6490.

The pair will again be tested by economic news due out this week. In Australia the unemployment rate is tipped to rise by 0.1% in October to 5.8% after job ads ceded gains in September. Europe this week, reports include German Trade Balance and Industrial production and the Sentix Investor Confidence survey on sentiment toward European economies.

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