The Euro fell sharply against the Australian Dollar late in the North American session on Thursday.
Euro experiences significant sell-off, dragging EUR/AUD below critical support levels to its lowest since October. Technical analysis indicates a confirmed head-and-shoulders pattern, suggesting extended downward momentum. Immediate supports are eyed at October's low of 1.6003 and June 2023's low of 1.5848, with a pattern target near 1.5750. Resistance levels to watch include 1.6200 and the 50-day SMA at 1.6283 if there is a reversal in bearish sentiment.
The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year.
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