EUR/AUD Technical Analysis: Rising wedge challenges buyers near 1.6100 ahead of Aussie data

• EUR/AUD is taking the bids at a shade lower than the 1.7000 round-figure during early Asian sessions on Thursday.
• The EUR/AUD pair struggles with nearly two-week-old upward sloping resistance-line, at 1.6100 now, that portrays a ‘rising wedge’ formation on H4 chart ahead of monthly Australian retail sales and trade balance data.
• Not only 1.6100 but the 1.6150-60 area comprising December 31 low and January 10 high also becomes an important upside resistance for the buyers to watch.
• In case prices rally beyond 1.6160, 61.8% Fibonacci retracement level of 1.6320, followed by 1.6400 round-figure, can become bulls’ favorites.
• Meanwhile, early-month high near 1.6070 can act as immediate support for the quote, a break of which can reprint 1.6000 and 23.6% Fibonacci level of 1.5950 on the chart.
• However, sellers’ dominance past-1.5950 needs to slide beneath the 1.5920 support-line in order to validate the bearish formation and please sellers with 1.5800 and 1.5720 supports.

EUR/AUD 4-Hour chart