Forex: EUR/AUD eases below 1.30 on Euro weakness

EUR/AUD fell today more than -1% since previous weekly close Friday, last at 1.2952, off session and weekly lows at fresh 3-day lows 1.2932. The cross fell mostly on the back of Euro weakness, while Aussie held up more stable.

The Euro saw some selling pressure since the start of the week in Asia-Pacific yesterday, but it was during the London session when Spanish unemployment figures came out showing yet another record high level, with biggest monthly increase in unemployed number of people in a year, that EUR/USD started to really being sold off. Today's RBA meeting at 03:30 GMT will be key risk event of the session, along Aussie trade balance at 00:30 GMT.

Immediate support to the downside for EUR/AUD lies at recent weekly lows 1.2932, followed by Jan 30 lows at 1.2870, and Jan 29 lows at 1.2837. To the upside, nearest term resistance shows at Thursday's lows 1.2989, followed by Friday's NY session lows at 1.3056, and Friday's highs at 1.3193.