EURAUD pair is being traded at 1.6520. It has recently experienced a decline from its previous high of 1.7060 and is expected to continue moving down until it reaches its up-trend support level.
If the pair is able to maintain its position at this level of support and displays respect for it, we will initiate a long position. As a result, the price is predicted to ascend towards its up-trend resistance level.
In case, up-trend support level is broken due to increased selling pressure, the price will likely continue to decrease until it reaches its next support level at 1.5920.
If the pair is able to maintain its position at this level of support and displays respect for it, we will initiate a long position. As a result, the price is predicted to ascend towards its up-trend resistance level.
In case, up-trend support level is broken due to increased selling pressure, the price will likely continue to decrease until it reaches its next support level at 1.5920.