The common European currency is gaining value in the short term ascending channel against the Australian Dollar. The four hour timeframe reveals that the pair failed to break the support put up by the 61.8% Fibonacci retracement level and weekly S1 at 1.4942 and 1.4937. The retracement levels for this pair are measured by connecting the 2016 high and 2015 low levels. Consequently, in upcoming days the rate is going to try to reach the upper trend line of the channel, where it will face a strong resistance put up by the 50% Fibo and weekly R2 at 1.5190 and 1.5201. If the pair fails to bypass this barrier, there is a possibility that the falling wedge may start to form.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 1.5113 | Weekly R1 | MACD (12; 26; 9) | Sell | Sell | Sell | ||
| R3 | 1.5076/79 | Upper Bollinger Band; Monthly R2 | RSI (14) | Neutral | Neutral | Sell | ||
| R2 | 1.5024 | Weekly PP | Stochastic (5; 3; 3) | Sell | Sell | Sell | ||
| R1 | 1.5002/09 | 55-period SMA; 20-period SMA | ADX (14) | Neutral | Buy | Neutral | ||
| S1 | 1.4942 | 61.8% Fibo | CCI (14) | Neutral | Neutral | Sell | ||
| S2 | 1.4937 | Weekly S1; Trend line | AROON (14) | Buy | Buy | Buy | ||
| S3 | 1.4923 | 100-period SMA | Alligator (13; 8; 5) | Sell | Buy | Buy | ||
| S4 | 1.4848 | Weekly S2 | SAR (0.02; 0.2) | Sell | Buy | Buy | ||
| Aggregate | ↘ | ↗ | → |