EurAud could accelerate to the upside (1.7 target)
Updated
After dipping below the key 1.6 level—both a technical and psychological threshold—at the end of November, EUR/AUD quickly rebounded and began climbing in a constructive manner. Recently, it established solid support at the 1.6350-1.6360 zone, with two notable reversals from this area observed last week.
As of now, EUR/AUD is trading at 1.6507, just below a technical resistance level, with the price action showing signs of a buildup. The odds favor an upward breakout, and if this materializes, it could lead to a sharp acceleration higher.
In this scenario, my swing trade target is the 1.7 mark. For now, my strategy is to buy on dips, anticipating the breakout and preparing for the upside momentum.
As of now, EUR/AUD is trading at 1.6507, just below a technical resistance level, with the price action showing signs of a buildup. The odds favor an upward breakout, and if this materializes, it could lead to a sharp acceleration higher.
In this scenario, my swing trade target is the 1.7 mark. For now, my strategy is to buy on dips, anticipating the breakout and preparing for the upside momentum.
Trade active
EurAud broke resistance, as expected
Next resistance is around 1.6750
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