- EUR/AUD edges lower from 12-week highs at 1.5174 to currently trade at 1.5032 levels.
- The pair is struggling at major trendline resistance at 1.5085, we see upside only on break above.
- The pair is trading in a symmetric triangle pattern and breakout above raises scope for further upside.
- Next major target above triangle top lies at 1.5455 (61.8% Fib) ahead of 1.5646 (May 23 high).
- 5-DMA at 1.5025 is immediate support. Break below could see drag upto 20-DMA at 1.4943.
- 200-DMA at 1.4745 is major support on the downside. We see bullish invalidation only on break below.
Support levels - 1.5025 (5-DMA), 1.4943 (20-DMA), 1.49, 1.4859 (50-DMA)
Resistance levels - 1.5085 (trendline), 1.51, 1.5186 (June 5th high), 1.52, 1.5226 (June 1st high)
Recommendation: Good to go long on decisive close above 1.5085, SL: 1.4955, TP: 1.5186/ 1.5225/ 1.5330
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -41.3518 (Neutral), while Hourly AUD Spot Index was at -45.0493 (Neutral) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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