EUR/AUD Price Analysis — October 15

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The EUR/AUD trades on a very bullish sentiment in the European session on Thursday, as the AUD continues to suffer several bouts of weakness. Meanwhile, the EUR is also under intense pressure amid several fundamental factors. 

The economic backlashes of the pandemic continue to ravage the euro, as the Eurozone is now under threat of a second wave of the virus, which could further impede economic recovery. While France and Ireland execute additional lockdown measures as COVID-19 cases surge, German Chancellor Angela Merkel has cautioned that Germany cannot “afford” another lockdown. 

Meanwhile, Brexit negotiations are underway in a two-day summit in Brussels, following Boris Johnson’s comments that today would be the last day for a possible deal. That said, a decision should be finalized by the end of the week, which could drive additional volatility for the EUR. 

In other news, the Aussie continues on its spiral following dovish comments from the RBA Governor Philip Lowe, which proposes interest rate cuts in early November. Furthermore, an increase in the country’s unemployment rate to 6.9% last month bolstered the bearishness in the AUD. 

EUR/AUD Value Forecast — October 15

EUR/AUD Major Bias: Bullish

Supply Levels: 1.6567, 1.6700, and 1.6800

Demand Levels: 1.6512, 1.6400, and 1.6330

The EUR/AUD took a bullish turn yesterday after it revisited the 1.6330 support. The bullish rally today was further aided by the renewed weakness in the AUD. However, bulls were unable to break the crucial 1.6567 resistance, which represents the top of the wide range within which this pair has been trading since June 2019. The trading range is between 1.6567 and 1.6100. 

If bears succeed in breaking this level, we could see another intense bull rally. However, the EUR/AUD has now stalled below that level for several hours, indicating that bears are losing strength. 

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