EURAUD pair has approached the resistance level of 1.6550-1.6570 from where it is facing rejection; the horizontal trend line indicates that this hurdle is likely to push the currency pair lower. Also in the previous sessions EURAUD made a candlestick with a long upper shadow signifying selling at higher levels and corroborating our corrective view. EURAUD could decline towards 1.6490 & 1.6460 while it sustains below 1.6575.
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Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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