The EUR/AUD pair has resumed its rally from the 1.5774 low, maintaining an upside bias for the current week. Traders are eyeing the 1.6334 resistance level, with a firm break potentially opening the path toward 1.6842. However, the outlook remains cautious as the pair faces significant long-term resistance at the 55-month EMA of 1.6523.
Bullish
🤖 55%
The weekly technical outlook sees EUR/AUD's rally from 1.5774 resuming, with initial bias on the upside toward 1.6334 resistance and, on a firm break, 1.6842. This favors a higher cross rate in coming days. However, a fall back below 1.6167 would neutralize the upside bias, and the longer-term downtrend case remains valid while the 55-month EMA at 1.6523 holds.
Catalysts
- ▲ Upside bias this week targeting 1.6334 resistance
- ▲ Firm break of 1.6334 would open the way to the 1.6842 cluster resistance
Risk Factors
- ▼ A drop below 1.6167 turns the bias neutral again
- ▼ Rejection by the 55-week EMA at 1.6548 would likely bring a retest of the 1.5774 low