EURAUD is approaching 61.8% fibo 200 Exponential moving averageEURAUD
The recent covid developments has cause the euro rise on phenomenal range and the euro central bank also hint with further stimulus will be provided if needed.The euro recover plan has helped the risk assets to get some positive move. Broad weakness of USD is also a factor in rising of euro.
At around 1.65500 minor psychological level the EURAUD got some rejection and felled towards 1.61500 which is around 350 pips move.
Vaccine development news help the Aussie dollar to get some earlier loses against euro. Though the virus spread in Victoria state caused some further lockdown restrictions.
Currently the price is trading below the 50% Fibonacci level.
We can expect minor rebound towards 61.8% Fibonacci level coordinates with the crossing of trend line And 200 Exponential moving average
1.64000 is a low volume and major psychological level. Shorting at this would give us a good risk reward ratio. Primary target would be 1.60350,. Stop lose may place above 1.65000 level
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Disclaimer
It’s not a financial advice. Do the analyze and take a decision.
