In my post of last week I commented that the pair has been in consolidation and I wanted to see how the market reacted to the 1.5230 handle. Well, the market certainly reacted to this level pushing the pair up with about 480 pips! As I’ve mentioned often in my posts, a breakout of consolidation often result in an aggressive move. As with most EUR pairs, this one is still in a strong uptrend and I will wait for a pull-back to the 1.54840 support zone to see how the market reacts before pulling the trigger again as the pair is over-extended. While the pair stay above the 1.523 – 1.5350 support and trendline it’s bullish.

EURAUD - FOLLOW UP 20 NOV

Source: MARYNA

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