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FxWirePro: EUR/AUD bulls lose traction, cannot add to overnight gains

Friday, July 9, 2021 4:55 PM UTC

• EUR/AUD initially gained on Friday but gave up ground as investors booked profits post Fed and ECB events.

•After hitting daily high at1.5973, pair has retreated to 1.5862. EUR/AUD may need a break above 38.2%fib to clear assault on 1.5974.

• Technical signals mixed as RSI is turning lower, daily momentum studies 5, 9 and 10 DMAs are trending up.

• Immediate resistance is located at 1.5902 (38.2%fib), any close above will push the pair towards 1.5974 (23.6 % fib).

• Strong support is seen at 1.5845 (50%fib ) and break below could take the pair towards 1.5808 (5DMA).

Recommendation: Good to buy around 1.5850, with stop loss of 1.5770 and target price of 1.5930

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FxWirePro: EUR/AUD bulls lose traction, cannot add to overnight gains

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