Forex: EUR/AUD lower and trading at 1.6205

 @ibtimes
on November 25 2009 1:01 AM

FXstreet.com (Sydney) - The EUR has lost recent gains against the AUD and is trading at 1.6205. The pair opened at 1.6277, reached an intraday high of 1.6286, but has lost ground steadily since then. There is support for the pair at 1.5940 and resistance is at 1.6420. The likely trend is downwards.

The AUD gained on most currencies including the EUR after speculations rose that interest rates may be lifted in December. Ric Batellino, deputy governor of the RBA had earlier said that the Australian economy had entered an upswing that could last for several years.

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