EUR/AUD: trade idea
By Felipe Erazo
EUR/AUD continues to find resistance at the level of 1.4546, which is close to the 500 EMA on the H1 chart. Now, this pair has found support near the 38.2 Fibo level, where the 400 EMA is located. It is very likely that the EUR/AUD fall back to the level of 1.4503, but the bullish bias is getting strength.
A breakout of the resistance level 1.4559, this pair could carry up to the level of 1.4602, which coincides with the 100.0 Fibo level. However, if the EUR/AUD manages to make a breakout in the support level of 1.4503, it’s expected to fall to the level of 1.4476 (61.8 Fibo level). The CCI indicator is showing a bullish divergence.
Trading recommendations: Place buy orders only if the EUR/AUD does a breakout at the resistance level of 1.4559, with take profit at 1.4602. Our bullish outlook could be invalidated if this pair does a breakout at the 78.6 Fibo level (1.4457).
Chart. H1 EUR/AUD