EUR/AUD seems to be able to bounce from a technical assist 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 combined value motion recently as merchants weigh the ECB’s price minimize outlook in opposition to upbeat Eurozone information and a few cautious optimism on the commerce conflict entrance.
In the meantime, the Australian greenback is struggling to seek out assist, pressured by rising U.S.-China commerce tensions and mounting world progress worries.
Keep in mind that directional biases and volatility situations in market value are usually pushed by fundamentals. In case you haven’t but accomplished 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 day by day elementary information!
EUR/AUD, which has been ranging between 1.8400 and 1.7800 this April, just lately bounced off its assist 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 price minimize.
If EUR/AUD holds above 1.7900 and patrons step in, the pair might 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 strain kicks in and drags the pair under the 1.7800 weekly lows, a break under the 100 SMA and S1 Pivot Level might open the door for a drop towards the 1.7400–1.7500 zone, close to the 200 SMA and the development line assist that’s been in play since late February.
Whichever bias you find yourself buying and selling, don’t neglect to apply correct threat administration and keep conscious of top-tier catalysts that might affect total market sentiment!