The EURAUD price has broken into new highs which could offer more long opportunities. What are the key levels to watch?
Watch the video to learn more…
The EURAUD price has rallied after the price was in strong downward trend. This shows us that institutions have turned the trend and are looking to buy the EURO against the AUD. The AUD continued to weaken as the volatility increased in the market with the stock market falling and haven currencies benefiting. The strength meter also highlighted this pair as one to watch as the Euro gained strength and the AUD continued to weaken.
Looking at the price we can see the market turned down at the recent lows and has now formed a new high. The price currently is consolidating around these highs which suggests that buyers are more involved here. The recent low saw some demand re enter the market and this will be the key level to watch on the trend. If the price can retest this low and the price can form a bullish rejection we could see another long opportunity form here.
Do you trade EURUSD? you can see our previous analysis here.
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