#EURAUD could move higher as the EURO begins to show signs of strength. What levels do we need to watch to see buyers enter the market?
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The price of EURAUD could be about to move higher as the weekly chart looks to be setting up for a rally. The EURO has been showing signs of strength recently with the EURUSD breaking higher. This combined with recent stock weakness could be a catalyst for EURAUD prices to move higher.
The weekly chart recently found support at the previous swing highs with the price forming a strong bullish close. This has seen the 4hr time frame form a new higher high with a break of structure. Now the price has broken this structure we can look for long opportunities at the key support areas.
The first area to watch is the area where the price found demand, this can often lead to further opportunities if the price retests. Another area would be where the price is currently, if the market forms the higher high on the 4hr we can look for a break and retest opportunity.
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