On the hourly chart, the EUR/AUD pair is moving in the bearish trend. The 120-day moving average confirms the dominance of sellers, as it is located above the price level. The zigzag indicator also confirms the bearish trend, as lows are going down.
The EUR/AUD pair is trading in the upward trend in the hourly time frame, which is confirmed by the 120 moving average located below the price level.
The zigzag indicator is also signaling the uptrend as lows and highs are moving up.
At the moment, I think it is better to buy trades from 1.6260 with the two targets at 1.6300 and 1.6340, and a Stop Loss at 1.6230. If the pair consolidates below 1.6200, I will consider selling deals. In such a case, the Take Profit and Stop Loss orders are better to be set at 1.6160 and 1.6230, respectively.