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EUR/AUD – More consolidation before the next leg up?

FXstreet.com (Barcelona) - The EUR/AUD finished the day down 14 pips at 1.2655. Over the last 10 days the pair has been consolidating in what appears to be a “bull flag” continuation pattern. Economic data in the upcoming European session will feature German Retail Sales, German Unemployment Change, and Spanish GDP.

In regards to the “bull flag” pattern mentioned earlier on the EUR/AUD daily chart, the pair would need a close above the upper resistance boundary (1.2700) to be confirmed. The measured move target from this pattern has targets up near the 1.3000 level.
A close below the lower resistance boundary (1.2600) would negate the pattern and could open the door for lower prices.

The FXStreet.com Trend Index remains slightly bullish on the daily chart, while the OB/OS index reads neutral Initial support sits at 1.2600 (low of recent trading range), followed by 1.2573 (the 20day ma). First resistance sits at 1.2700 (upper boundary of flag pattern), followed by 1.2775 (high price from April 23rd)

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