Trend of the Day EUR/AUD

EURAUD is coiling in a tight Pennant formation.

The European Central Bank (ECB) rate decision could be the catalyst needed to break this pair out of this range and toward new highs. The daily trend remains up and prices are hugging close to the rising daily support trend line. Buying at support with a stop 50 pips below the trend line targeting the next level of resistance occurring at 2.0597 would be a possible course of action. An alternative course of action entails buying a break or the Pennant at 1.9902.

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