EUR/AUD Rally Consolidates

The EUR/AUD pair has been trading to the upside for the past month and only this week it came to a temporary halt as market participants have been agreeing upon the price. The exchange rate is currently floating around 1.58 and is trading in the range of 1.5900 and 1.5750.

It is still unclear whether the pair will continue on its course north, and if it does, we can expect to reach the short term resistance zone at 1.60.

On the other hand, a sell off in the Euro could lead to potential short term correction with major target at 1.5450. No matter what, we can expect a breakout and then draw conclusions.

Chart: EUR/AUD H4