Analysis of the EUR/AUD Pair

Technical Outlook for the EUR/AUD Pair

The EUR/AUD pair retreated on Thursday toward the 1.6340 level.

The pair is trading within a downward price channel on the four-hour chart, attempting to reach its upper boundary and then break above it.

The current levels are considered good buying opportunities for the pair, driven by a subtle positive divergence on the MACD indicator.

We are targeting the 1.6410 level near the upper boundary of the channel, followed by the 1.6480 level, and finally the 1.6570 level.

This scenario would fail if the price breaks below the channel, roughly at the 1.6300 level.