EURAUD: Possible Rebound

EURAUD, Daily

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;