EURAUD is approaching our first support at 1.5740 (horizontal overlap support, 61.8% Fibonacci extension, 78.6% Fibonacci retracement) and a strong bounce might occur above this level pushing price up to our major resistance at 1.6048 (horizontal pullback resistance, 50% Fibonacci extension). Stochastic (89,5,3) is also approaching support we might see a corresponding rise in price should it bounce off this level.Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.