Forex: EUR/AUD loses ground, dips below 1.6100 and now trades at 1.6111

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FXstreet.com (Sydney) – The EUR lost ground once again to the Aussie dropping to an intraday low of 1.6091 after opening at 1.6112. The pair currently trades at 1.6111 finding support at 1.6100 and resistance at 1.6480. The downward trend is likely to continue for the pair.

The EUR was pressured by news coming out of Germany indicating that business confidence had dropped for the second month running. Fears continue that the stimulus package would be eased and rising unemployment tempered expectations of economic growth. Germany, Europe’s biggest economy, came out of recession on the back of an €85bn stimulus package. In Australia the unemployment rate is tipped to rise by 0.1% in October to 5.8% after job ads ceded gains in September.

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