EURAUD (1H) - short term bearish bias
The pair has met stiff selling pressures near the daily resistance level of 1.6310 and pulled back to find more support. The 4H demand area at round 1.6145 saw some buying interests earlier this morning, though the 20 and 30-hour moving averages are likely to cap any rally for the time being. We would expect the euro to drift lower and test the aforementioned support again. A break above the immediate resistance of 1.6230 could turn the sentiment around.
Key support: 1.6145
Key resistance: 1.6230
The pair has met stiff selling pressures near the daily resistance level of 1.6310 and pulled back to find more support. The 4H demand area at round 1.6145 saw some buying interests earlier this morning, though the 20 and 30-hour moving averages are likely to cap any rally for the time being. We would expect the euro to drift lower and test the aforementioned support again. A break above the immediate resistance of 1.6230 could turn the sentiment around.
Key support: 1.6145
Key resistance: 1.6230