The EURAUD pair is consolidating around the 1.58000 level using its 50 DMA and the 1.56962 level as support and its 1.58888 level as resistance. These levels set the range for traders and a break out can develop into a bigger move. The chart remains bullish on a break above the resistance with the 1.58153 level the initial point to cross. A move above 1.59000 can see the 1.60000 level tested and the recent highs beyond above 1.60597 at 1.61396 and 1.61896 followed by the 1.62000 round number level.
Support has been tested twice at 1.56962 and the 100 DMA remains in close proximity at 1.56823. A break under these levels can target support around 1.56057. The 200 DMA is at 1.55367 with the 1.55525 level just above. The next support area is located at 1.54938 and the 1.55000 level. A loss of this support can see price revisit the 1.54147 level on its way to the recent lows from early June around 1.53000.
