EURAUD → False breakdown as part of a bullish trend correction

23 Nis

EURAUD amid the global bullish trend is forming a correction to the trading range support. Bulls are trying to hold the 1.775 zone



The currency pair is in a wide range, in consolidation. Relative to the lower boundary of the range, the price makes a false breakdown and liquidity capture, which may lead to a correction to 0.5 of the range, or to resistance
Price consolidation above 1.775 and formation of local reversal pattern may affect further growth (global trend is bullish, locally - correction). The fundamental background is unstable, but the dollar index is still in correction after a strong fall....


Resistance levels: 1.7855, 1.7987
Support levels: 1.775, 1.7695

If the bulls hold the defense above the key support - the lower boundary of the trading range, the currency price may bounce up and head for the liquidity accumulated above the resistance....

Regards R. Linda!

24 Nis

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