EUR/AUD is again at a fascinating position. It is touching the super important 1.66 resistance once again.
If the price manages to break through this level we might see enormous gains in a very short period of time. During this pivotal moment we will have to keep a close eye on the price to see what happens.
If the bulls manage to break through the resistance it could be very interesting to go long. Similarly, if the bears are strong enough once again (just like they have been at least 8 times already), a short position will be the better option.
Since EUR/AUD doesn't move fast generally, we have the time to observe the price and wait for confirmation or rejection of the horizontal zone first.
I suggest to not enter a trade yet, but simply keep this pair on your watchlist and set a reminder for when the price crosses important levels. Such as the 1.67 level for the bullish breakout or the 1.64 level for the rejection.
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-------------------------------------------------------------- Disclaimer! This post does not provide financial advice. It is for educational purposes only!
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