EURAUD testing support, potential bounce!

4 במאי 2018

EURAUD is approaching our first support at 1.5881 (horizontal swing low support, 100% Fibonacci extension) which coincides with our short term ascending support line. A strong bounce might occur above this level, pushing price up to our major resistance at 1.5966 (horizontal overlap resistance, 38.2%, 50% Fibonacci retracement).
Stochastic (34,5,3) is also seeing a bullish divergence and is approaching our support where a bounce off this level might be a good precursor for a potential rise in price.
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