EUR/AUD Closer To Resistance

EUR/AUD continued on its way up in today's Asian and European trading session. The pair moved from 1.5280 in the opening hours to a high of 1.5380. Partially, the rise is due to the speech by Mario Draghi, the ECB President as well as the German ZEW Economic Sentiment (Nov) that actually turned lower than expected at 18.7 vs 20.0.

The pair is currently trading a bit lower at 1.5355 as market participants are anticipating the speech. The Euro moved up against all its competitors this week making a break above the 1.17 level against the US dollar.

We are yet to feel the effect of the panel of central bankers on the markets so have in mind that volatility might ramp up prices.

Chart: EUR/AUD H4