EUR/AUD Rebounds From Support Zone, Eyes 1.6500 Resistance

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EUR/AUD Rebounds From Support Zone, Eyes 1.6500 Resistance
PrimeXBT Editorial Team
Reviewed by PrimeXBT

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EUR/AUD has reversed higher from a key support zone, and a technical read from ActionForex points to further gains toward the 1.6500 resistance level. The setup rests on a Bollinger Band-backed reversal and a daily bullish candle pattern.

EUR/AUD reversed up from a support zone formed between the 1.6260 support level, which has been holding the price up since July, and the support trendline of a daily Triangle pattern dating back to March.

That zone was reinforced by the lower daily Bollinger Band, which helped shape a daily Bullish Engulfing candle on the pair. The pair can be expected to rise further to the next resistance level at 1.6500, the same level that reversed the previous correction at the end of July.

Source: ActionForex

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