Further EUR/AUD sales and the S&P sovereign rating downgrade of Spain has kept the single currency under the cosh overnight
The Asian session saw lows of 1.2825 after stops were tripped through 1.2830, just above the 200 day MA at 1.2823, but has since recovered to 1.2874.
There are bids now in place from the lows down to 1.2800 with sell stops poised on a break. Model accounts were responsible for the bounce.
EUR/AUD sell stops are now being targeted on a break down of 1.2500, with the cross currently at day’s lows around 1.2510 from earlier Asian highs of 1.2589
