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We have a number of reasons to believe that EUR/AUD could be near a bottom. Fundamentally we know that the European Central Bank is growing more optimistic about the outlook for the Eurozone economy after recently upgrading to their economic forecasts. In contrast, lower commodity prices and financial sector instability in Australia is making it difficult for AUD to sustain its gains. Technically, EUR/USD has found support above its 1 month low of 1.1110 while AUD/USD appears to have peaked below 0.7650. These 2 counteractive factors has already driven EUR/AUD above 1.4780 and could probably take the pair as high as the 20-day SMA near 1.49.