EURAUD is testing our first support at 1.6061 (horizontal pullback support, 23.6% Fibonacci retracement). A strong bounce might occur above this level, pushing price up to our major resistance at 1.6130 (horizontal overlap resistance, 61.8% Fibonacci extension).
RSI (89) is also seeing a bullish exit and is approaching our short term ascending support line where a bounce off this level might be a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is also seeing a bullish exit and is approaching our short term ascending support line where a bounce off this level might be a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.