EUR/AUD finding strong resistance near 1.5700

EUR/AUD finding strong resistance near 1.5700

The EUR/AUD pair is consolidating the price action below the 78.6% Fibonacci level at 1.5708, which should help to strengthen such area in the short-term, in order to help the sellers to take the control from there. The pair is also making a rebound from the 200 SMA and it should help to make another leg higher, but we do expect a decline towards the 1.5480 level, at which a breakout should open the doors to test the Fibo target of -23.6% at 1.5412.

RSI indicator remains in the positive territory, favoring to the bulls.

EURAUDH1.png

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