EUR/AUD Price Forecast: Drops and hovers around 1.6200

• EUR/AUD remains pressured below 50, 100, and 200-day SMAs, holding above 1.6200 for four consecutive days.
• Break above 1.6252 could target 1.6300, with 1.6372 (SMA confluence) as the next resistance zone.
• Downside risk remains intact, with support seen at 1.6159 and major support at 1.5966 if the pair dips below 1.6200.

The EUR/AUD pair remains pressured, yet buyers trimmed some of its earlier losses with the pair hitting a daily low of 1.6159. At the time of writing, the cross-pair trades at 1.6216, down by just 0.12%.

EUR/AUD Price Forecast: Technical outlook

The EUR/AUD consolidates above 1.6200 for the fourth straight day, and despite trading below the 50, 100, and 200-day Simple Moving Averages (SMAs), the pair is neutrally biased.

If EUR/AUD climbs past the 50-day SMA of 1.6252, buyers could challenge the 1.6300 figure. A breach of the latter will expose the confluence of the 100 and 200-day SMAs at 1.6372 before aiming toward 1.6400.

On the other hand, the RBA’s restrictive monetary policy stance favors the downside of EUR/AUD. Therefore, if EUR/AUD drops below 1.6200, the first support would be a December 2 low of 1.6159. On further weakness, the next stop would be major support at the November 22 swing low of 1.5966

EUR/AUD Price Chart – Daily