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EUR/AUD Technical Outlook: Five-Day Breakdown Testing Initial Support

EUR/AUD Technical Outlook: Five-Day Breakdown Testing Initial Support

Michael Boutros, Strategist

EUR/AUD Technical Price Outlook: Near-term Trade Levels

  • EUR/AUD updated technical trade levels – Intraday Chart
  • Break of April trend testing initial support
  • Resistance 1.4912/25, 1.5055 (key), 1.5226- Support 1.4800/05, 1.4686 (key), 1.4525
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EUR/AUD 240min Price Chart

EUR/AUD 240min Price Chart - Euro vs Australian Dollar Trade Outlook - Near-term Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; EUR/AUD on Tradingview

Notes: EUR/AUD broke below the April trendline with the decline now testing confluent support at 1.4800/05- looking for possible price inflection here. A break lower would keep the focus on the 61.8% Fibonacci retracement near 1.4686- looking for a larger reaction there for guidance IF reached. Resistance now 1.4912/25 with bearish invalidation now lowered to the April high at 1.5055.

Bottom line: Rallies should be capped by today’s high IF price is heading lower on this stretch with a break / daily close below 1.48 needed to keep the near-term short-bias viable.

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- Written by Michael Boutros, Technical Strategist with DailyFX

Follow Michael on Twitter @MBForex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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