• Oct 1, 2024
  • Trade ideas

EURAUD: Possible Rebound

EURAUD, Daily

EURAUDDaily.png

In the Daily timeframe, EURUSD has formed a double-top pattern in a short-term bearish trend. The price fell to the critical support at 161.8 Fibonacci while crossing the lower Bollinger line. The %R indicates extreme oversold.

  • EURAUD may be considered to buy on a rebound from the support with a target of 1.6160 and further to 1.6240;
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Author: Egor Schmidt