FxWirePro: EUR/AUD breaks resistance at 100-DMA, stay long above 1.5790

Refer EUR/AUD chart on Trading View

• EUR/AUD is trading 0.42% higher on the day at 1.5767 at the time of writing.
   
• Price action has broken above 100-DMA and we see scope for further upside.
   
• Technical indicators are turning bullish. Stochs and RSI are biased higher. 
   
• We see bullish +DMI crossover on -ve DMI which supports upside in the pair.
   
• We see strong resistance at 1.5790, break above to see further upside. Scope then for test of 61.8% Fib at 1.5841.
   
• Retrace below 100-DMA could see further weakness. Break below 21-EMA will negate the bullish bias.

Support levels - 1.5734 (100-DMA), 1.5693 (21-EMA)

Resistance levels - 1.5790 (trendline), 1.5841 (61.8% Fib)

Recommendation: Stay long on break out at 1.5790, SL: 1.5730, TP: 1.5840/ 1.5880

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 128.787 (Bullish), while Hourly AUD Spot Index was at 39.5976 (Neutral) at 0945 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.