NAB discusses EUR/AUD technical outlook and flags a scope for further upside towards 1.6600 against a weekly close below 1.6130 which would negate this short-term bullish bias.
"EUR/AUD is currently testing a significant MT trend line around 1.6320. The response to this level is crucial with regard to the sustainability of the MT uptrend. MT/LT momentum indicators highlight a less than perfect uptrend environment and imply that the path towards LT resistance levels around 1.6600 may be a difficult one," NAB argues.
"A weekly close below 1.6130 is required this week to confirm a material rejection of this trend line," NAB adds.