EUR/AUD Price Forecast: Drops and hovers around 1.6200
EUR/AUD remains pressured below 50, 100, and 200-day SMAs, holding above 1.6200 for four consecutive days.
Break above 1.6252 could target 1.6300, with 1.6372 (SMA confluence) as the next resistance zone.
Downside risk remains intact, with support seen at 1.6159 and major support at 1.5966 if the pair dips below 1.6200.
The EUR/AUD pair remains pressured, yet buyers trimmed some of its earlier losses with the pair hitting a daily low of 1.6159. At the time of writing, the cross-pair trades at 1.6216, down by just 0.12%.
EUR/AUD Price Forecast: Technical outlook
The EUR/AUD consolidates above 1.6200 for the fourth straight day, and despite trading below the 50, 100, and 200-day Simple Moving Averages (SMAs), the pair is neutrally biased.
If EUR/AUD climbs past the 50-day SMA of 1.6252, buyers could challenge the 1.6300 figure. A breach of the latter will expose the confluence of the 100 and 200-day SMAs at 1.6372 before aiming toward 1.6400.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.