EURO has depreciated significantly against the Aussie Dollar. Current market structure looks like it is ready to regain some of its loses over the 1 year period. If price breaks above the consolidation marked zone (upper channel) we could see some push to around the 1.63260 resistance. Subsequent breakout could take price to 1.6400 and 1.6550 respectively and possibly confirm a DOUBLE BOTTOM. While waiting on the ECB, I will be on the look out for retracements (slightly bullish stance) for long scalps and then subsequent breakouts of upper channel and resistance block respectively.
Failure to break past 1.63260 could see price revisit 1.6190 and if break below support block then we have a much stronger Support zone/block sitting around 1.6030.
Failure to break past 1.63260 could see price revisit 1.6190 and if break below support block then we have a much stronger Support zone/block sitting around 1.6030.
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