Daily Currency Outlook: EUR/AUD And EUR/GBP : July 04,2018

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5725; (P) 1.5808; (R1) 1.5868;

Intraday bias in EUR/AUD remains neutral for the moment. Another rise is in favor with 1.5696 minor support holds. Above 1.5886 will target 1.6139/89 resistance zone. However, as the rebound from 1.5271 is not clearly impulsive yet and momentum isn’t too convincing. Break of 1.5695 minor support could be an early sign of near term topping. In such case, focus will be back on 1.5425 support.

EUR/AUD 4 Hour Chart

In the bigger picture, current development suggests that fall from 1.6189 is a corrective move and has completed at 1.5217 already. Key support levels of 1.5153 and 38.2% retracement of 1.3624 to 1.6189 at 1.5209 were defended. And medium term rise from 1.3624 (2017 low) is not completed yet. Break of 1.6189 will target 1.6587 key resistance (2015 high).

EUR/AUD Daily Chart

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8822; (P) 0.8844; (R1) 0.8859;

Intraday bias in EUR/GBP remains neutral for consolidation below 0.8890 temporary top. Downside of retreat should be contained by 0.8796 minor support to bring rally resumption. On the upside break of 0.8890 will resume the rebound from 0.8620 and target 0.8967 cluster resistance (50% retracement of 0.9305 to 0.8620 at 0.8963).

EUR/GBP 4 Hour Chart

In the bigger picture, EUR/GBP is staying in long term consolidation pattern from 0.9304 (2016 high). Such consolidation pattern could extend further. Hence, in case of strong rally, we’d be cautious on strong resistance by 0.9304/5 to limit upside. Meanwhile, in another decline attempt, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside.

EUR/GBP Daily Chart

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