EUR/AUD Recovery Takes Shape amid Failure to Test Monthly Low
EUR/AUD appears to have reversed ahead of the monthly low (1.6137) as it breaks out of the range bound price action carried over from last week.
EUR/AUD Rate Outlook
EUR/AUD trades to a fresh weekly high (1.6498) after bouncing along the 50-Day SMA (1.6320), and the exchange rate may track the positive slope in the moving average as it retraces the decline from the start of the month.
A above 1.6590 (78.6% Fibonacci expansion) may push EUR/AUD towards the monthly high (1.6671), with a break/close above 1.6680 (100% Fibonacci extension) raising the scope for a run at the yearly high (1.6786).
Nevertheless, failure to push above 1.6590 (78.6% Fibonacci expansion) may keep EUR/USD within the monthly range, with a move below the 1.6300 (61.8% Fibonacci extension) to 1.6380 (78.6% Fibonacci extension) region bringing the monthly low (1.6137) back on the radar.
EUR/AUD Rate Outlook
EUR/AUD trades to a fresh weekly high (1.6498) after bouncing along the 50-Day SMA (1.6320), and the exchange rate may track the positive slope in the moving average as it retraces the decline from the start of the month.
A above 1.6590 (78.6% Fibonacci expansion) may push EUR/AUD towards the monthly high (1.6671), with a break/close above 1.6680 (100% Fibonacci extension) raising the scope for a run at the yearly high (1.6786).
Nevertheless, failure to push above 1.6590 (78.6% Fibonacci expansion) may keep EUR/USD within the monthly range, with a move below the 1.6300 (61.8% Fibonacci extension) to 1.6380 (78.6% Fibonacci extension) region bringing the monthly low (1.6137) back on the radar.
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