We have highlighted the monthly candle close of January 2018, which shows a strong month of buying pressure. You can see price came down to around the 1.51630 area and then pushed back bullish closing above the open price.
Price has been stuck within a choppy area since 2014. It could be that 2018 is the year that price within EUR/AUD shows some nice trending activity. Currently price is showing further upside movement. A further bullish candle close for February above the 1.55100 resistance, would be a strong signal for further bullish movement.
If the uptrend continues this year, we may see price reach as high as 1.80. Otherwise, on the downturn, price could try and reach levels around 1.15.
Chart: EUR/AUD M1
Still consolidating.
ReplyDeleteVery helpful analysis, thank you.
ReplyDeleteI fully agree, the price is moving higer.
ReplyDeleteThe upward move will continue.
ReplyDeleteGreat review!
ReplyDeleteThank you for the analysis i'll keep an eye on the currency.
ReplyDelete