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FXstreet.com (Barcelona) - The EUR/AUD keeps correcting higher from its all time lows reached by late July/early Aug around the low 1.16s, now at a fresh 2-month highs last at 1.2312, helped on Aussie weakness overall. EUR/AUD is up +6% since then. The cross opened the week with a gap higher following worse than expected China PMI figures on Saturday, now adding up to some +1.11% gains for the week so far.

"Decent resistance found at 1.2315/25 might slow trend ahead of ECB meeting. 50% retracement of 1.3028/1.1600 move found at 1.2315 and 100-day MA at 1.2325," says John Noonan at IFR Markets. The analyst finds: "EUR/AUD buying flows were highly evident again on Monday. Cross has made a higher daily low for 13 out of last 14 trading days. Moving average study suggests up-trend strong as 5-day MA holding pullbacks," John concludes.

Immediate resistance to the upside shows at mentioned key Fibo retrace and recent session highs 1.2315, followed by June 28 lows at 1.2327, and June 18/19 lows at 1.2396/1.2406. For the downside, closest support is expected at yesterday's Asia-Pacific session highs 1.2270, followed by Friday's highs 1.2230, and Friday's closing price and unfilled opening gap up unfilled at 1.2170.

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