EUR/AUD Daily Analysis: Potential Upside Movement Ahead
Monday, 22 July 2024, 06:28
EUR/AUD Intraday Bias Overview
The EUR/AUD currency pair is currently experiencing a resumed upward movement after a brief retreat.
Technical Analysis Insights
- The rebound from 1.5996 has strengthened the bullish outlook.
- Current adjustments indicate that the downtrend completed three waves down to 1.6000, a significant Fibonacci support.
- Aiming higher, the initial resistance level to watch is 1.6418.
Future Projections and Risks
- If the 1.6418 resistance is broken, we may target 1.6742 next.
- However, a fall below 1.6185 support could challenge this bullish perspective, potentially revisiting 1.5996.
In conclusion, the EUR/AUD's current bullish trend may continue as it navigates key resistance levels, but traders should remain vigilant for signs of reversal.
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.