EUR/AUD At Resistance

On the daily EUR/AUD chart it is visible that the price is in a stable uptrend. However, we are able to see that the pairis currently stuck inside a box range below the 1.52235 resistance. Price has been moving sideways for a period of time being trapped below the 1.52235 resistance, along with showing rejections from the ascending trendline and the bullish EMA's.

Price has recently been holding above the 20EMA. Previously we saw price show a fake break of the 1.52235 resistance, where price then fell back below. As price now sits back at the resistance of 1.52235 again we are watching for a potential break. A break of the resistance would lead to potential long positions up to the 1.54700 area.

Tomorrow ECB President Mario Draghi would deliver a speech that could give the pair a direction and either confirm the above scenario or break the support and move downward.

Chart: EUR/AUD D1