EUR/AUD Higher

The EUR/AUD exchange rate is trading higher today after briefly touching the 50SMA a few days ago. The pair is now well above the most important moving averages, namely 50, 100 and 200. Market participants will most likely try and push the pair to first level of resistance at 1.6250.

Bears could attempt to bring it down to their long term goal at 1.36. Major milestones before that level are 1.54, which coincides with the 200SMA and 1.44 which makes a double bottom with the same low in mid July 2017.

The pair is now consolidated around 1.60 to 1.61 and will most likely break out when there is a significant fundamental reason.

Chart: EUR/AUD D1