EUR/AUD snaps two-day losing streak after weak Aussie jobs report

EUR/AUD recovered from the low of 1.4184 to a session high of 1.4270 after the data released in Australia showed the jobs market is slowing down.

AUD under pressure

Aussie is being offered across the board after the data released today showed full time jobs tanked and thus overshadowed a minor decline in the jobless rate. Moreover, the weak jobs report also saw the Aussie 10-yr bond yield drop from the session high of 2.377% to 2.32%.

Meanwhile, the common currency is trading sideways against the US dollar. Hence, the cross is largely at the mercy of the action in the AUD/USD pair. The cross was last seen trading around 1.4250 levels.

EUR/AUD Technical Levels

The immediate hurdle is seen at 1.4303 (hourly 50-MA) above which the gains could be extended to 1.4348 (Oct 19 high). A violation there could yield 1.4380 (hourly 100-MA). On the other hand, a breakdown of support at 1.4228 (hourly 5-MA) under which support at 1.4184 (session low) and 1.41 (zero figure) stands exposed.

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