EUR/AUD appears able to bounce from a technical help zone and prolong a long-term development!
Will the pair head for key resistance ranges within the subsequent few days?
We’re zooming in on EUR/AUD’s 4-hour chart for clues:
EUR/AUD 4-hour Foreign exchange Chart by TradingView
The euro has been seeing blended worth motion these days as merchants weigh the ECB’s fee reduce outlook towards upbeat Eurozone knowledge and a few cautious optimism on the commerce warfare entrance.
In the meantime, the Australian greenback is struggling to seek out help, pressured by rising U.S.-China commerce tensions and mounting world progress worries.
Keep in mind that directional biases and volatility circumstances in market worth are usually pushed by fundamentals. In case you haven’t but completed your homework on the euro and the Australian greenback, then it’s time to take a look at the financial calendar and keep up to date on each day elementary information!
EUR/AUD, which has been ranging between 1.8400 and 1.7800 this April, not too long ago bounced off its help zone.
That space isn’t removed from the S1 (1.7642) Pivot Level and the 100 SMA on the 4-hour chart!
Look ahead to bullish candlesticks after the ECB occasion, because the central financial institution is predicted to strike a cautious tone even whereas delivering a 25 foundation level fee reduce.
If EUR/AUD holds above 1.7900 and consumers step in, the pair may make a run for the 1.8000 psychological stage, the 1.8099 Pivot Level line, and even the 1.8400 vary resistance.
But when bearish stress kicks in and drags the pair beneath the 1.7800 weekly lows, a break beneath the 100 SMA and S1 Pivot Level may open the door for a drop towards the 1.7400–1.7500 zone, close to the 200 SMA and the development line help that’s been in play since late February.
Whichever bias you find yourself buying and selling, don’t neglect to observe correct threat administration and keep conscious of top-tier catalysts that would affect general market sentiment!
