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Euro / Australian Dollar
Long

EURAUD bounced nicely off its support, remain bullish!

By ICmarkets
Broker
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.
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ICmarkets
Broker
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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