EURAUD Chart Technical Outlook the focus remains bullish but scope for a sustained correction
A stronger Australian dollar has resulted in a correction to the downside. From a technical perspective, the daily chart highlights EUR/AUD building a Gartley formation. We are currently within the BC leg higher. A common retracement level is the 88.6% pullback of the last decline. This is located at 1.6982.
The four-hour chart highlights the cross breaking out of a reverse head and shoulders pattern to the upside. The measured move target is 1.6963. This has resulted in a confluence zone (1.6963-82).
Intraday support is located at 1.6706.
