EUR/AUD Daily Forecast: Analyzing the Ongoing Consolidation Pattern
Thursday, 11 July 2024, 06:57
EUR/AUD Daily Forecast
The EUR/AUD currency pair continues to hover within a defined range, maintaining stability above the crucial level of 1.5996.
Neutral Bias
The intraday bias for EUR/AUD remains neutral, indicating a period of consolidation and indecision among market participants.
Bearish Outlook
- 1.6211 Resistance: The pivotal price point of 1.6211 has now transformed into a barrier for further upside movement, solidifying the bearish sentiment.
- Downside Targets: A breach below 1.5996 is expected to trigger a move towards the 100% projection level at 1.5950.
- Key Support: Should the currency pair breach the 1.5950 level, the next significant support lies at 1.5846, highlighting a critical area for potential price action.
In conclusion, the EUR/AUD pair is poised for further downside momentum, with key levels to watch at 1.6211, 1.5950, and 1.5846, shaping the near-term trajectory.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.