EURAUD: DT Confirmed
Based on the Price Action of the EURAUD, it seems likely that the downtrend will continue. The currency pair broke a significant support level at 1.6242 and is now in oversold territory.
It is important to consider the recent encouraging economic data in the Eurozone and the optimistic outlook for the EUR, which may lead to a temporary upward movement, possibly reaching a resistance level at 1.6546 or encountering supply around 1.6650.
Major Support begins @ 1.4761, however, we may be able to squeeze a little more downside out of this movement by targeting the Demand Zone @ 144.24.
It is important to consider the recent encouraging economic data in the Eurozone and the optimistic outlook for the EUR, which may lead to a temporary upward movement, possibly reaching a resistance level at 1.6546 or encountering supply around 1.6650.
Major Support begins @ 1.4761, however, we may be able to squeeze a little more downside out of this movement by targeting the Demand Zone @ 144.24.
Professor C. E. Ward
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