EUR/AUD: Trade ideas for July 28
The EURAUD found strong support at the 1.4202 level, where the pair had a bullish momentum I've allowed to consolidate the above the support level of 1.4262, which coincides with the 50.0 Fibo level. Now, this pair is likely to make a bullish rebound at current levels and up to the resistance level of 1.4357.
However, keep in mind that the EURAUD found resistance at 1.4293 level, which could help this pair make a breakout in the support level of 1.4248 and fall to the level of 1.4228 (78.6 Fibo level). The CCI indicator remains in neutral territory and still no showing divergences.
Trading recommendations: Place buy orders if the EURAUD does a breakout at the resistance level of 1.4293, with take profit at 1.4357 (200 SMA).