That may be about to change. As it stands now, the EURAUD is trading 50 pips below the 1.5720 range support. However, as always, it’s going to take a daily close below the level to confirm the breakout.
If sellers get the job done, it will put the pair in a new range to start next week. Key support would come in at 1.5620, and the former range support at 1.5720 would become new resistance.
It would then take a daily close (New York 5 pm EST) below 1.5620 to open the door to the next key support at 1.5460.
Of course, if the pair breaks the five-week range this week, it would also put sellers one step closer to carving the right shoulder of the (pending) head and shoulders pattern. See Monday’s commentary for more on that.
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