EUR/AUD Update (March 3, 2021)
EUR/AUD is trading now at a very strong level (1.54036) which was resistance and now turned support. Also, you can clearly see that EUR/AUD dropped towards this level in a descending formation, so breaking this channel will push EUR/AUD for a nice move to the upside reaching (1.56728) as a first target which is the beginning of the descending channel and also the trendline of the bigger channel (Daily Chart).
A break above the 1.56728 will push EUR/AUD for more upside, reaching the beginning of the big channel that you can clearly see on the Daily Chart, but definitely, this trade will be considered a long-term trade that will need time to fully develop.
A break above the 1.56728 will push EUR/AUD for more upside, reaching the beginning of the big channel that you can clearly see on the Daily Chart, but definitely, this trade will be considered a long-term trade that will need time to fully develop.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.