EUR/AUD looks for a rebound at the current stage

EUR/AUD looks for a rebound at the current stage

EUR/AUD has been trapped in a consolidation range and it’s trying to remain above the 200 SMA at H4 chart. According to our Fibonacci projections, the pair is looking for clues to continue with the rally and if that happens, we can expect a rebound to take place towards the -23.6% Fibo level at 1.5274.

To invalidate the mentioned scenario, the spot should break below the 78.6% Fibo zone in order to plummet towards the 1.4730 level.RSI indicator is still slightly below the 50 area, favoring for more consolidation in the near-term.

EURAUDmH4.png

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