EURAUD approaching support, potential bounce!
Price is approaching our first support at 1.5873 (horizontal swing low support, 61.8% Fibonacci extension) which coincides with our long term ascending support line. A strong bounce might occur at this level, pushing price up to our major resistance at 1.6072 (horizontal swing high resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension).
RSI (89) is also approaching our major support and we might see a corresponding rise in price should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (89) is also approaching our major support and we might see a corresponding rise in price should it bounce off this level.
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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