EUR/AUD Update (March 3, 2021)

EUR/AUD is trading now at a very strong level (1.54036) which was resistance and now turned support. Also, you can clearly see that EUR/AUD dropped towards this level in a descending formation, so breaking this channel will push EUR/AUD for a nice move to the upside reaching (1.56728) as a first target which is the beginning of the descending channel and also the trendline of the bigger channel (Daily Chart).

A break above the 1.56728 will push EUR/AUD for more upside, reaching the beginning of the big channel that you can clearly see on the Daily Chart, but definitely, this trade will be considered a long-term trade that will need time to fully develop.