Technician

EURAUD Short-term Playbook

FX:EURAUD   Euro Fx/Australian Dollar
297 4 7
Bullish Arguments:
Major Hammer at key support
Hidden Bullish Divergence
Overall Trend Remains Bullish

Bearish Arguments:
Short term trend line+50-days SMA Break.

Possible Scenarios:
-I expect a bounce and a retest of the 50-days SMA and 1.5292 resistance area .
-Bullish resumption will probably be confirmed above the latter resistance, targeting 1.5550 areas.
-A reversal and break below 1.5028 support would be a serious bearish signal.

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having difficulties rising above a key resistance but currently finding support at a minor pivot level,I suspect it eventually breaks to the upside
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Yeah very major resistance,
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Also what is a bit concerning is failure to hold above 1.5460
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I think positivity remains intact, unless we break below 1.5030 key support
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nmike MOD Technician
...agree
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