FX.co ★ EUR/AUD

Looking back at my previous analysis for EURAUD, I had a strong bullish bias on this pair last week, and I am really glad to see that the market is following that exact idea quite well. The upward move didn't just shoot up in a single straight line, but to be honest, that is actually a very healthy sign for the stability of the trend. Buyers have been doing a great job defending the higher lows on the H4 chart, and every single pullback we got was eventually met with another wave of buying pressure. As long as the price continues to trade comfortably inside this ascending structure, I will definitely keep looking for buying opportunities because the overall technical picture still favors the bulls. Right now, my main focus is on the current support zone sitting around 1.6450 to 1.6470. This specific area has already attracted a lot of buyers more than once recently, so holding above it is crucial to keep the momentum alive for another leg higher. If the price remains stable here, the next upside targets I am watching closely are 1.6515, followed by 1.6550, and if the momentum stays strong enough, we could easily see a test of the major resistance zone between 1.6590 and 1.6620. On the other hand, if the bears step in and push the price lower, 1.6435 will be the next critical level to watch. A clean break and a solid H4 close below that support would completely change my view, and I will step aside to wait for a deeper correction toward 1.6400. If we look closely at the indicators on the chart, the moving averages are finally starting to turn in favor of the bulls instead of fighting the trend like before. The price is currently trading well above the longer-term moving average, while the shorter one is acting as a dynamic support during these small intraday pullbacks. This tells me that buyers are still comfortable holding their positions rather than rushing to take quick profits. At the same time, the RSI indicator has cooled down significantly from the overbought territory and is now hovering around the middle area. To me, this doesn't look like a trend running out of fuel at all; it just looks like the momentum is taking a short breath before the next big move. For the upcoming sessions, I am not interested in jumping into buys randomly after every big green candle. I would much rather be patient and let the market come back into my structural support zone first to get a cleaner entry with a tight risk. My trading plan remains simple and clear. I will keep a close eye on how the price behaves around the 1.6450-1.6470 area. If we get a strong rejection with some nice lower wicks or solid bullish candles, I will be looking to join the buyers for a move toward 1.6550 and potentially 1.6590. Sticking to the plan and managing risk is everything in this market right now.