The #EURAUD price continues to fall which could offer short opportunities now and in the near future.
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The price of EURAUD has sunk recently largely due to a turn around in the Australian Dollar. AUDUSD for instance found support at the 0.7000 level after the RBA announced they would look to hike rates soon. This bullishness in the market has helped the Australian Dollar strengthen against multiple currencies such as the Euro.
The weekly chart shows that the price has found resistance at the major weekly highs. The bearish candles show that the selling momentum is strong in this market and we could see the price fall to the 1.5600 support.
Looking at the lower time frames we can see that on the hourly the market has been reacting really well to the 50EMA. Every time the price has retested this indicator the price has fallen. This could offer short term trading opportunities if the price was to retest it once more. Alternatively, you can wait for the price to pullback on the daily time frame to the 1.5900 resistance for a longer term swing trading idea.
Have you seen our EURCHF analysis? see it here.
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