EUR/AUD chart - Trading View
- EUR/AUD is extending weakness for the 4th straight session, bias bearish.
- The pair is extending break below daily cloud and 110-EMA.
- 'Symmetric Triangle' breach has raised scope for further downside.
- Technical studies support weakness. RSI is below 50, bias bearish.
- Momentum studies are bearish. Scope for test of 61.8% Fib at 1.5808.
- Upside remains capped at 110-EMA at 1.5917. Retrace above negates bearish bias.
Support levels - 1.5808 (61.8% Fib), 1.5742 (Feb 21st low), 1.5631 (76.4% Fib)
Resistance levels - 1.5917 (110-EMA), 1.5954 (5-DMA), 1.5972 (20-DMA)
Recommendation: Good to go short on upticks, SL: 1.5920, TP: 1.58/ 1.5745/ 1.57
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
