FxWirePro: EUR/AUD breaks above channel top, gains till 1.5277 likely
EUR/AUD has broken channel top at 1.5105 after multiple attempts since Dec 10th and is currently trading at 1.5188 levels. Upside in the pair was capped at 1.52 levels which is 38.2% Fib of 1.6585 to 1.4347 fall, break a…
EUR/AUD has broken channel top at 1.5105 after multiple attempts since Dec 10th and is currently trading at 1.5188 levels.
Upside in the pair was capped at 1.52 levels which is 38.2% Fib of 1.6585 to 1.4347 fall, break above could take the pair to 1.5277 (Dec 14 highs).
Technicals are supportive for further gains upto 0.5277, which is the next strong resistance zone.
1.52 to 1.53 is strong resistance zone for the pair, breaks above could target 1.5466(50% Fib of 1.6585 to 1.4347 fall) and then 1.55 levels (Nov 2 highs).
1.5207 (Session high Jan 6th) and 1.5050 (10-DMA) are immediate resistance and support levels for the pair.
Recommendation: Go long on break of 1.5210, TP: 1.5280/1.53, SL: 1.4970.
