Forecast for the currency pair EUR / AUD
Published on 06.05.2020 10:42

Forecast of the currency pair EUR / AUD
Today we will take a look at the EUR / AUD currency pair. At the time of writing, a trading signal was forming to break through the support level of 1.6780. It worth noting that today, sellers have already managed to break through the psychological support level of 1.6800 and lift the minimum level of the previous trading day. As a result, the risk of further weakening of the pair remains very possible.
Trading look:
The main scenario.
The next return of the pair quotes to 1.6780 will significantly increase the likelihood of a breakthrough of the noted level and, as a result, further weakening of the pair to 1.6740 and further to 1.6675.
Alternative scenario.
The return of quotes above 1.6825 will indicate sellers' weakness, canceling the main scenario, but is not a buy signal.
The main scenario can be realized only if a strong bearish fundamental factor for EUR appears. Let me remind you that final data on changes in the level of business activity in the eurozone services sector will be published today. Downward revision of preliminary values may activate the main scenario.
The above review is not a direct guide to action, but carries an exclusively recommendatory nature.


Andrew Masters

Analyst

The world of trading has no boundaries
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