EURAUD testing support, potential bounce!
EURAUD is approaching our first support at 1.5881 (horizontal swing low support, 100% Fibonacci extension) which coincides with our short term ascending support line. A strong bounce might occur above this level, pushing price up to our major resistance at 1.5966 (horizontal overlap resistance, 38.2%, 50% Fibonacci retracement).
Stochastic (34,5,3) is also seeing a bullish divergence and is approaching our support where a bounce off this level might be a good precursor for a potential rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (34,5,3) is also seeing a bullish divergence and is approaching our support where a bounce off this level might be a good precursor for a potential rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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