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EUR/AUD testing 1.4390-4400 bids

FXStreet (Bali) - EUR/AUD keeps struggling to break past 1.45 round number, with the latest topside failure leading to a retreat towards 1.4390-4400 support at present.

While there are tentative technical signs that suggests the pair may have found a temporary base at 1.4225-30, with bulls breaking above a descending trendline off April highs, there is still the need to overcome congestion areas, which remain plentiful, while on the downside, an area of demand imbalance at 1.4050-4225 keeps buoying the EUR.

Jim Langlands, Founder at FXCharts: "If 1.4500 can be overcome we could then see a run up towards 1.4600 (100 DMA: 1.4620). Buying dips towards 1.4380/1.4400 with a SL placed sub 1.4320 appears to be the plan."

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