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- EUR/AUD is trading slightly weaker on the day, down 0.07% at the time of writing.
- Technical indicators do not show any signs of reversal and we see scope for further upside.
- The pair is extending breakout above 'Symmetric Triangle' pattern and is on track to test 88.6% Fib at 1.6248.
- Technical indicators on weekly charts also supports upside in the pair. RSI strong around 70 levels and momentum studies are bullish.
- Price action has broken above 78.6% Fib retrace of 1.6585 to 1.3626 fall at 1.5952 has edged above 1.61 handle.
- Next major resistance is seen at 1.6248 (88.6% Fib) ahead of 1.6252 (2016 high).
- On the flipside, 20-DMA is strong support at 1.5887, break below will see further weakness.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-AUD-extends-Symmetric-Triangle-breakout-eyes-886-Fib-at-16248-1222864) is progressing well.
Recommendation: Hold for targets.
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