EUR/AUD: trade idea
By Felipe Erazo
At the H4 chart, the EURAUD found strong resistance at the level of 1.4601, where the 200 EMA is located and now this pair has dropped to the level of 1.4457, where EURAUD found support and which coincides with the 61.8 Fibo level. It is very likely that this pair make a bullish rebound at current levels and go up to the resistance level of 1.4601, which would be a bullish consolidation above the 200 EMA.
On the other hand, if the EURAUD manages to make a breakout in the support level of 1.4443 (78.6 Fibo level), it is expected to fall to the level of 1.4400, which could invalidate our bullish outlook for this pair. Recall that the support level of 1.4400 is very strong. The CCI indicator is in the oversold zone.
Trade recommendations: Wait for a consolidation above the 1.4500 level if you want to continue putting long positions in the EURAUD, with take profit at the resistance level of 1.4601.
Chart. H4 EUR/AUD