EUR/AUD Price Analysis: Bulls seek continuaiton through hourly resistance

EUR/AUD bulls are seeking a breakout.
15-min resistance a stumbling block at this juncture.

Ross J Burland FXStreet

EUR/AUD is showing signs of a bullish tendency according to the hourly chart. The following illustrates the probable opportunity conditional on subsequent price action.

EUR/AUD hourly chart

There has been a strong rally to the upside which could equate to a continuation to break hourly resistance following the correction to test the support structure.

EUR/AUD 15-min chart

The 15-min time frame shows that the price is struggling to move higher.

Once the bulls get above the 21-EMA, the price will be pressuring the 15-min resistance and break there may well encouraging more buyers to the table to take on the hourly chart's resistance.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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