FX.co ★ EUR/AUD

For the EUR/AUD pair, the pullback from the price decline has finished after today’s test of the 1.6423 resistance level, and failing to break above it, we are trading at 1.6390. During the time buyers were trying to form a bullish reversal, the lower boundary of the trading range moved significantly lower and is currently at 1.6255. Therefore, my expectations for EUR/AUD are that I’m looking for a price decline from the current level of 1.6388 further south towards the support located at 1.6259. At the same time, of course, if they still manage to pull the price above the 1.6423 resistance now, the bearish scenario will be completely canceled and the structure will shift to the upside.