EURAUD broke out of resistance, further potential rise!
EURUAD broke out of short term descending resistance-turned-support line and is approaching our first support at 1.5959 (horizontal pullback support, 23.6%, 38.2% Fibonacci retracement). A strong bounce could occur above this level, pushing price up to our major resistance at 1.6123 (horizontal swing high resistance, 78.6% Fibonacci retracement, 61.8%, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias.
RSI is also seeing a bullish exit and we might see a corresponding 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 is also seeing a bullish exit and we might see a corresponding rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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Wohooooo perfect rally up to our profit target! Did you manage to get on this one?
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results