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.