From TradingView · · 50s
Euro-Australian Dollar Reaction
PipTips warns of potential EUR/AUD bullish pullback but stresses caution.
In brief
PipTips warns of potential EUR/AUD bullish pullback but stresses caution. PipTips suggests EUR/AUD could rebound to 1.60300 if buyers defend resistance but warns against forced trades. Originally reported by TradingView.
PipTips Chart Idea
PipTips shares a potential bullish pullback setup for EUR/AUD on the 1-hour chart.
Key Resistance Zone
Price could retrace into 1.6000, 1.60300 for buyers to step in and target 1.60600 and 1.60900.
Sellers Controlled Earlier
Price formed lower highs beneath the descending trendline before a sharp reversal around 1.5960, 1.6000.
Buyers Aggressive Rally
Rally through the descending trendline and above 1.60300 suggests a shift in short-term momentum.
Fundamental Headwind
Euro weakened amid French political instability, fiscal concerns and elevated energy costs.
AUD Mixed Signals
Australian labor market eased faster than expected with unemployment at 4.7% but policy rate remains 4.60%.
The one thing
PipTips suggests EUR/AUD could rebound to 1.60300 if buyers defend resistance but warns against forced trades.
