EURAUD Bounced Nicely Off Its Support, Potential To Rise Further
EURAUD bounced off its support at 1.5965 (61.8% Fibonacci extension, 50% Fibonacci retracement, 61.8% Fibonacci retracement, ascending support line) where it could potentially rise to its resistance at 1.6142 (61.8% Fibonacci extension, horizontal swing high resistance). We do have to be cautious of the intermediate resistance at 1.6058 (23.6% Fibonacci retracement, horizontal overlap resistance). Stochastic (55, 5, 3) bounced nicely off its support at 2.37% where it has a lot of upside potential.
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IC Markets is an online forex broker specialized in providing transparent trading solutions to both retail and institutional investors alike. We provide superior execution technology, lower spreads and unrivaled liquidity.
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