EUR/AUD has been quite bearish recently after breaking above the 1.5230 resistance area. AUD has been quite positive with the recent economic reports like Employment Change which helped the currency to gain good momentum against EUR. Today on the EUR side, German Gfk Consumer Climate report is going to be published which is expected to be unchanged at 10.7 and French Consumer Spending is expected to show an increase to 1.4% from the previous negative value of -1.9%. Whereas on the AUD side today we do not have any economic report or event to inject some volatility but due to recent positive economic reports of employment change and hawkish monetary policy meeting minutes result, AUD is expected to gain good momentum in the coming days. Though EUR is expected to have some positive outcome from today's upcoming economic reports but the gain on the EUR is expected to be not quite instant over AUD. As of the current scenario, AUD is expected to gain better momentum over EUR in the coming days until EUR presents itself with high impact positive reports to push the price higher in the future.
Now let us look at the technical view, the price is currently residing below the dynamic level of 20 EMA and about to retest the 1.5230 support area in the coming days. As the price rejects off the 1.5230 with a daily close we will be looking forward to buying with the target towards 1.5750 resistance area in the coming days. The bullish trend is still quite strong but currently corrective and volatile for which the progress higher would be quite time consuming. As the price remains above $1.52 the bullish bias is expected to continue further.