FXstreet.com (Sydney) - After hitting an intraday high of 1.6361, the EUR/AUD lost ground is is now trading at 1.6324. The trend is down to sideways with supports at 1.6260 and resistance on the upside at 1.6500.

While the above may appear cautious, Joel Kruger from Daily FX suggests a buy strategy as: the weekly chart is very compelling and shows the market in the process of potentially carving out a major base and if the market can mage a recovery into the US session back above 1.6300, we will look to buy a break back above 1.6350.

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