CommoditiesTrader

EURAUD Trending into Supply Zone

FX:EURAUD   Euro Fx/Australian Dollar
EURAUD             received a big boost as the Aussie dollar practically cratered. The mild pullback in the dollar, along with optimism over the Greece turmoil, has boost the euro             from it's intraday lows.

Momentum on the intraday chart is looking to putter out. A 70 pip move is rather small for this pair, but see it as a reasonable pullback - but price action could continue north on the break of the supply zone.

A close above this level would also correspond to price extension above the 200-daily EMA ( Bullish ).

Initially, if EURAUD             closes above the zone, upside target lies at 1.4385 and 1.4435. However, a pullback to 1.4235 is probable.
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