EUR/AUD's Bullish Trend Persists, Eyes Pullback at Fibonacci Lev
The EUR/AUD pair continues to exhibit a strong bullish trend, and in the recent hours, we witnessed a fresh pullback as the price approached the 61.8% Fibonacci retracement level, coinciding with the 78.6% level. This confluence of Fibonacci areas, combined with the presence of a dynamic trendline that could potentially act as support, suggests the possibility of a new pullback in the price, paving the way for further upward movement.
It is noteworthy that the EUR/AUD pair exhibits a negative correlation with the EUR/USD pair. This means that while we anticipate a bearish setup for EUR/USD, we simultaneously expect a bullish setup for EUR/AUD. This divergence in outlook between the two pairs provides an interesting opportunity for traders to consider different strategies based on the respective trends.
With this in mind, we remain watchful for a potential bearish setup in EUR/USD, while simultaneously seeking bullish opportunities in EUR/AUD. It is essential to conduct comprehensive technical analysis, monitor key levels, and look for confirmation signals to execute trades in line with the anticipated trends.
It is noteworthy that the EUR/AUD pair exhibits a negative correlation with the EUR/USD pair. This means that while we anticipate a bearish setup for EUR/USD, we simultaneously expect a bullish setup for EUR/AUD. This divergence in outlook between the two pairs provides an interesting opportunity for traders to consider different strategies based on the respective trends.
With this in mind, we remain watchful for a potential bearish setup in EUR/USD, while simultaneously seeking bullish opportunities in EUR/AUD. It is essential to conduct comprehensive technical analysis, monitor key levels, and look for confirmation signals to execute trades in line with the anticipated trends.
