We have witnessed a massive Euro (EUR) correction over the past 2 weeks with the currency reversing off 0.6230 (1.6050) to trade back at 0.6100 (1.6400) this morning. Risk flow has been a big catalyst, along with poor Chinese data of late contributing a sizeable portion of the Aussie downturn which could continue. German and French Manufacturing prints tonight and should highlight a weakening sector.
Current Level: 1.6412
Resistance: 1.6470
Support: 1.6300
Last Weeks Range: 1.6051- 1.6282