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- EUR\/AUD invalidated the triangle chart pattern boundaries;<\/li>\n
- The pair is in a bullish trend configuration, with a higher low already in place and a higher swing high in the making;<\/li>\n<\/ul>\n
EUR\/AUD has slowly but surely developed a bullish technical sentiment<\/b>. On Wednesday the pair tested the resistance trendline for the third time, retraced to 61.8% Fibonacci level, creating a higher low in the process. EUR\/AUD has been steadily rising since then, invalidating the triangle, thus confirming the overall intentions to move even higher<\/b>, towards 1.4955-1.4990.<\/i><\/p>\n
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Bullish Trend Scenario<\/b><\/p>\n
![\"EUR\/AUD](\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/04\/EURAUD-17th-April.png\")
<\/p>\nThe resistance trendline at 1.4817, which marked the triangle chart pattern, was also backed up by the 200-Day Moving Average and the 100 Simple Moving Average on the 4H timeframe.\u00a0 By breaking above this area, EUR\/AUD cleaned out a few stop losses held by traders who were shorting the pair while it was still priced within the range.<\/p>\n
Wednesday\u2019s correction to 1.4716, 61.8% Fibonacci Retracement between 1.4661 and 1.4818, is now the most recent higher low. While this support level remains intact EUR\/AUD will continue to be bullish, even price dips below 1.4800 again.<\/p>\n
The current swing should target 1.4850 and above. A higher high above 1.4850 suggests the pair will be marching towards 1.4955-1.4990 next week.<\/p>\n
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\nPrepared by Alexandru Z., Chief Currency Strategist at <\/i>Capital Trust Markets<\/i><\/a><\/p>\n<\/p>\n
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Technical Sentiment:\u00a0Bullish Key Takeaways EUR\/AUD invalidated the triangle chart pattern boundaries; The pair is in a bullish trend configuration, with a higher low already in place and a higher swing high in the making; EUR\/AUD has slowly but surely developed a bullish technical sentiment. On Wednesday the pair tested the resistance trendline for the third … <\/p>\n