For almost a month the euro has been weakening against the Australian dollar. Along the way, there were two support levels – at 1.6060 and 1.5855. From Friday we are dealing with a weak upward rebound, at the beginning of the new week, the price started a retest of the last broken support.
To use the analysis and invest on EURAUD, check the offer of the HotForex broker
A place for short.
The price of EURAUD began the new week with a small bullish gap. From then, the bulls strengthened the pair by a few pips, to around 1,5855. This level will now be tested as a new resistance.In the event of a rebound, you will be able to open a short position with a goal at further support. To identify it, you need to look at a slightly wider sentiment. A good candidate seems to be level around 1,5700. In recent months, the price in this region has been withdrawn several times. In the case of a return to growth, bulls should aim at resistance at 1.6060.