The EUR/AUD is building a bull flag chart pattern. The pullback occurs after a strong push up. This indicates that a wave 3-4 pattern is taking place.
The EUER/AUD is expected to continue with the uptrend. But price must remain above the support zone (green box). This includes the 50-61.8% Fibonacci zone, the long-term moving averages, and support levels from the previous consolidation zone.
A bearish break below the support invalidates (red x) the bullish outlook. A bullish bounce at support or break above the flag pattern confirms (green check) it. The main targets for any upside price movement are: Wizz 8 at 1.66 and Fibonacci retracement levels from the weekly chart at 1.69 and 1.75.
