EUR/AUD Price Forecast: Surges past 1.6400 eyeing further upside

FXStreetDec 5, 2024 8:52 PM

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EUR/AUD climbs 0.38%, successfully crossing both 100-day and 200-day SMAs, indicating strong upward potential.
Next resistance targeted at 1.6600; consolidation likely if buyers secure a daily close above 1.6400.
Support levels to watch are 1.6300 and the 50-day SMA at 1.6260, with further downside risk to 1.6159.

The EUR/AUD rallied above key technical resistance levels, such as the 100—and 200-day Simple Moving Averages (SMAs) at around 1.6367-79. The cross-currency pair climbed above the 1.6400 figure, posting gains of 0.38% on Thursday during the North American session.

EUR/AUD Price Forecast: Technical outlook

Currently, the EUR/AUD trades above 1.6400, which could pave the way for challenging the next resistance level, at 1.6600, the October 31 daily peak. Although bullish momentum increased, as seen by the Relative Strength Index (RSI), buyers face stir resistance, which could pave the way for a consolidation.

Buyers must achieve a daily close above 1.6400 and clear the November 6 daily high of 1.6497 before having a chance of testing 1.6600. Otherwise, sellers could step in and drag the exchange rate toward the 50-day SMA at 1.6260, but first, they need to surpass the 1.6300 mark.

In that outcome, the EUR/AUD's next support would be the December 2 swing low of 1.6159, followed by the 1.6100 mark.

EUR/AUD Price Chart – Daily

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What is the Euro?

The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day, according to data from the Bank of International Settlements. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% of all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%).

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