FXstreet.com (Sydney) - The EUR gained ground after recent losses against the AUD to be trading at 1.6057. The pair had initially opened at 1.6078 and posted an intraday high of 1.6085 before dropping to current levels. Support can be found at 1.6000 and resistance is at 1.6500.

In local trade, the AUD has opened lower as risk aversion returns with commodity prices generally down. Other analysts have also maintained that the AUD is overvalued against the USD and may spark a correction. German GDP data is due out today and this may result in further fluctuations in the pair.