FX.co ★ Technical analysis of EUR/AUD for July 31, 2014

Technical outlook and chart setups:

1. The EUR/AUD pair has rallied at the 1.4360/70 levels yesterday, which is the fibonacci 0.382 resistance level of the drop between 1.4600 and sub 1.4200 levels. The pair is expected to pullback at least towards the 1.4280 levels before the rally could continue further. A push above 1.4450 would be extremely bullish for the pair.

2. Support is seen at 1.4270, followed by 1.4200 and lower while resistance is seen at 1.4450, followed by 1.4550/75 and higher respectively.

3. The structure indicates that EUR/AUD could potentially rally further after pulling back to at least 1.4280.

Trading recommendations:

Remain flat for now. Look to enter buying around 1.4280.

Good luck!