EURAUD → A shake-up could provide bullish momentum
EURAUD in the format of local uptrend forms an interesting set-up of two false breakouts and pre-breakout consolidation after market clearing. Growth may continue.The shakeout in May and mid-June cleared the market of a lot of crowds with their bids and increases the market maker's liquidity. A third approach to resistance and a third premise for price to break out of the range could be true.
Price is forming a sideways range of 1.654 - 1.626. Within the flat range, price is forming a pre-breakout consolidation near resistance. The euro is recovering and most likely will try to break the mentioned level.
The moving averages act as a strong support, especially MA-200, which outlines the support of the ascending channel.
Resistance levels: 1.654, upper boundary of the channel
Support levels: 1.646
I expect a resistance retest followed by a breakout. Strengthening of the currency pair may continue. Medium-term outlook 1.6786
Regards R. Linda!
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