EURAUD going for the 1D MA200 test

The EURAUD pair has been trading within a long-term Bearish Megaphone pattern but since the April 05 bottom, it has established a Channel Up on the medium-term. A similar Channel Up pattern was what took the Megaphone to its previous Lower High.

In the process, the 1D MA50 (blue trend-line) has been turned into a Support and the next technical Resistance is the 1D MA200 (orange trend-line). It would be best to trade this with a break-out approach. If the price breaks above the 1D MA200, go long and target the 0.5 Fibonacci around 1.58450. If rejected, take a long-term sell towards 1.4500 and quite possibly 1.4000 as a Lower Low.

Tradingview link:

https://www.tradingview.com/chart/EURAUD/UP0cf0r4-EURAUD-going-for-the-1D-MA200-test