Forex: EUR/AUD dragged lower on Oil strength; prints fresh 4-month lows

FXstreet.com (Barcelona) - EUR/AUD continued weakening again through Tuesday, printing fresh 4-month lows at 1.2231, last at 1.2279, off mentioned lows, still -1.23% lower for the week so far. The cross is at this moment recovering a bit on recent Aussie weakness at session lows 1.0475 USD, while EUR/USD is around session highs at 1.2864, though still very limited to the upside.

Aussie has been third strongest currency among majors for last 2 trading days, along the other 2 currencies of the commodity bloc, CAD and NZD, as Oil has enjoyed its third consecutive day of gains above the 1%, closing in NY with +1.67%, biggest daily gain since late December. EUR/AUD started the week with a move higher following Cyprus deal moving above the 200 day SMA printing weekly highs at 1.2495, but it soon reversed on EU's chairman Dijsselbloom words.

Immediate support to the downside for EUR/AUD lies at mentioned yesterday's fresh 4-month lows 1.2231, followed by Nov 13 lows at 1.2160, and July 09 highs at 1.2097. To the upside, closest resistance shows at yesterday's highs 1.2315, followed by last week's lows at 1.2345, and Monday's early Asia-Pacific lows at 1.2390.