EUR/AUD: WAITING FOR BULLISH RUN

share it:
Share on facebook
Share on twitter
Share on pinterest
Share on email

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

ABOUT THE AUTHOR
WISE TRADE

JOIN OUR PREMIUM TELEGRAM GROUP!

YOU CAN FINALLY BE A SUCCESSFUL TRADER

Try our 14 day free trial and see by yourself how it is easy to become elite trader when you are guided by experienced professionals