EUR/AUD Price Analysis: Bulls seeking a daily extension

EUR/AUD bulls taking up the reigns with a higher high in the playbook.
A deep correction will now be expected to give way to the bulls.

Ross J Burland FXStreet

The cross is starting to emerge from a significant Fibonacci retracement zone that has a confluence with prior resistance, now expected to act as firm daily support.

Daily chart

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.

Hourly chart

The bulls are in charge at this juncture and the support zone will be monitored for a restest and subsequent hold for further conviction.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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