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EURAUD Pair trading higher after breakout above 1.5700 level

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EURAUD Bullish breakout above 1.5700

The Euraud pair is trading at 1.57355 after testing 1.57000 earlier today which was unable to prevent price from drifting down to 1.56550. This level is now support and price is looking to test higher with resistance at 1.57722 and the 1.58000 level above. A break out above this area would reach for 1.58900 with stronger resistance around the 1.60000 round number. A move over this line puts control back in the hands of long position holders and whether they add to existing positions or take profits at 1.61000 and then the 1.62000/1.61900 high. Support for the pair can be found at 1.56000 followed by 1.55000 with a higher swing low at 1.54262 from mid June. A break under this area could see 1.53950 tested on a slip under 1.54000. The rising red support trend line comes in at 1.53350 with a major swing low at 1.52800 from early June. A loss of this area can set up a deeper decline with 1.51550 as an immediate support followed by 1.51000 and 1.50000.

 

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