This week has seen this pair break the weekly resistance of 1.48400, followed by the 20 EMA crossing over the 50 EMA which serves as a confluence that EURAUD is bullish at this moment of time. Price has also failed to break the weekly support on a numerous of occasions (1.4500), followed by a new higher low which may infer that this downtrend is running out of steam. As the market has accelerated I will be waiting for the market to decelerate by waiting for price to pullback before getting in this trade. 1.5200 is the next key level.
On the other hand, as price is at the 50% FIB retracement level from the last swing high, it will not be unexpected if price is bearish next week which may lead to a new higher low at 1.4800
On the other hand, as price is at the 50% FIB retracement level from the last swing high, it will not be unexpected if price is bearish next week which may lead to a new higher low at 1.4800
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