EUR/AUD Tests Key Supply Area

The euro climbed back after the euro zone’s service PMI recovered to 50.3. The previous sell-off has met robust support at 1.5420. The subsequent rally above 1.5530 suggests that buyers are still committed to pushing higher.

The price may test the supply area at 1.5670 for the third time. Profit-taking from short-term traders would be expected. A bullish breakout may trigger a broader recovery as the short side rush to cover their bets. On the downside, 1.5500 would be a key support to monitor.

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