EURUSD Price Action| Trend| .618 Fibonacci| Weekly Level Evening Traders,
Today’s analysis – EURAUD – trading at a key technical trade location where a bounce is probable,
Points to consider,
- Price Action Corrective
- .618 Fibonacci Support
- Bullish OB Support
- Weekly S/R Objective
- RSI Oversold
EURUSD’s immediate price action is corrective and is testing a trade location that has technical confluence with the .618 Fibonacci and the Bullish OB, allowing for a long bias.
The Weekly S/R is the immediate objective, exceeding this level will lead to a trend continuation.
The current RSI is oversold; a relief rally is probable in an overextended market.
Overall, in my opinion, EURUSD is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps,
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And remember,
“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
