EURAUD is now in a nice range with 1.5771 as our major resistance level with it being our horizontal swing high resistance and also a key fibonacci extension level. Our other limit of our range is the support at 1.5606 which is our horizontal swing low support, and 38.2% Fibonacci retracement. Our next major support is 1.5473 which is our horizontal overlap support and key 61.8% Fibonacci retracement.
RSI (34) is nicely rising and each time price touches the ascending support line it bounces up quite nicely. So this tells us that we have a slight bullish bias but as long as we remain below major resistance at 1.5771, we have to maintain our neutral view and look for ranging opportunities.
RSI (34) is nicely rising and each time price touches the ascending support line it bounces up quite nicely. So this tells us that we have a slight bullish bias but as long as we remain below major resistance at 1.5771, we have to maintain our neutral view and look for ranging opportunities.
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