EUR/AUD Price Analysis: Bulls seek a bullish extension towards 1.6450s

• EUR/AUD bulls are on board as price moves into technically bullish territory.
• A 1:3 risk to reward prospect has been established from the daily and 4-hour analysis. 

Further to the start of the week’s analysis for the cross, EUR/AUD Price Analysis: Bullish prospects for upside extension, the price action has triggered an entry.

The following illustrates how the price action has evolved and where a 1:3 risk to reward high probability trade setup was established from a 4-hour time frame. 

For a recap, the daily chart offers a bullish scenario while above support with prospects of an extension of the prior bullish breakout.

Daily charts

(07/12/20)

(08/12/20)

4-hour charts

(07/12/20)

(08/12/20)