EUR/AUD Bounces Higher

The euro soared after the ECB said it would kick off its rate hike cycle next month. The pair previously saw solid support at the double bottom at 1.4780. A break above 1.4910 has prompted sellers to cover their positions. The follow-up rally is a confirmation of a sustainable rebound. 1.5160 from the liquidation in late May is key resistance. Its breach could turn sentiment around in the medium-term and extend the reversal above 1.5280. In the meantime, the RSI’s overbought situation may cause a brief fallback towards 1.4890.

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