EUR/AUD: WAITING FOR BULLISH RUN
The common European currency declined by 1.10% against the Australian Dollar last week. The currency pair tested a support level formed at 1.5965 during last week’s trading sessions.
However, the price is near the 1.5965 area that is still the main support for the EUR/AUD currency exchange rate from last week.
Break above 1.6026 could potentially open up a new trading area interesting for bullish traders. If this comes into play, there is space for bulls to run price up to 1.6103 level which looks like very strong resistance.
For full confirmation that this area is valid, traders keep in focus break above 1.6026 conformed by retest above this level if price initially breaks above current channel formed between support 1.5965 and resistance 1.6026