EUR/AUD Weekly Forecast and Analysis

Saturday, 13 July 2024, 09:29
The EUR/AUD pair maintained its consolidation around 1.5996 last week, with the outlook remaining stable. The initial bias is neutral for the upcoming week, suggesting a pause in the trend. While a short-term recovery is possible, the overall expectation is tilted towards a further decline as long as the key resistance at 1.6211 remains unbroken. A decisive break below 1.5996 could trigger a renewed downtrend towards the next support level at 1.5846.
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EUR/AUD Weekly Forecast and Analysis

EUR/AUD Weekly Forecast Analysis

The EUR/AUD pair continued its consolidation near 1.5996.

Initial bias remains neutral for the upcoming week.

  • Outlook: Stable with a potential for further decline.
  • Resistance at 1.6211: Key level to watch for trend reversal.
  • Support at 1.5846: Next significant level in case of a breakdown.

Overall, the EUR/AUD pair is expected to face selling pressure unless the resistance at 1.6211 is breached, paving the way for a potential move towards 1.5846 support.

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.

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