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.
