EUR/AUD Price Analysis: Bulls cashing-in at critical supply zone


  • EUR/AUD bulls have had a good run of late and price meets key supply zone.
  • Bears lurking for a test of key daily support.

As per the prior analysis, EUR/AUD Price Analysis: Bulls seeking a daily extension, where the cross was starting to emerge from a significant Fibonacci retracement zone, indeed the area acted as firm daily support. 

Prior analysis

''The bulls have based at a significant Fibonacci retracement area that meets prior resistance.

The price would now be expected to move higher towards the prior resistance and beyond for a higher high. The bulls are in charge at this juncture and the support zone will be monitored for a restest and subsequent hold for further conviction. ''

Live market analysis

There are minimal prospects at this juncture for a sustained bid until support proves to hold tests considering the prior business done in the supply territory and bulls will be cashing in at this juncture. 

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