EURAUD Testing Strong Ascending Support, Prepare For A Bounce
EURAUD is bouncing nicely off major support presenting us with a good buying opportunity.
Buy above 1.6058. Stop loss at 1.6020. Take profit at 1.6185.
Reason for the trading strategy (technically):
Price is testing major support at 1.6058 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, ascending support) and a strong bounce could occur at this level pushing prices all the way up to major resistance at 1.6185 (Fibonacci extension, horizontal swing high resistance).
Stochastic (21,5,3) is seeing a nice bounce above major support at 6.8% with good further upside potential.
Buy above 1.6058. Stop loss at 1.6020. Take profit at 1.6185.
Reason for the trading strategy (technically):
Price is testing major support at 1.6058 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, ascending support) and a strong bounce could occur at this level pushing prices all the way up to major resistance at 1.6185 (Fibonacci extension, horizontal swing high resistance).
Stochastic (21,5,3) is seeing a nice bounce above major support at 6.8% with good further upside potential.