EURAUD bounced nicely off its support, remain bullish!

14 במאי 2018

EURAUD bounced nicely off its support at 1.5780 (76.4% & 38.2 Fibonacci retracement, Elliot wave structure, horizontal overlap support) where it could potentially fall back to its support before rising to its resistance at 1.5899 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance). We do have to be cautious of the intermediate resistance at 1.5847 (38.2% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is approaching its support at 3.4% where it could make a corresponding bounce.