EURAUD approaching support, potential bounce!
EURAUD is approaching our first support at 1.5859 (horizontal swing low support, 78.6% Fibonacci retracement, 100% Fibonacci extension). A strong reaction could occur above this level, pushing price up to our major resistance at 1.6061 (horizontal overlap resistance, 61.8% Fibonacci extension, 76.4% Fibonacci retracement). A breakout above our intermediate resistance at 1.5962 (horizontal overlap resistance, 38.2% Fibonacci retracement) might provide the bullish acceleration to our major resistance level.
Stochastic (34,5,3) 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.
Stochastic (34,5,3) 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.
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