The EURAUD pair first caught my eye yesterday (July 21) after a long sustained (over 30 day) down move from the May 24 high. It formed a five day floor around the 1.4520 level earlier this week and then rallied and attempted to break the 20 DMA and 23.6 Fibonacci zone around 1.4730-1.4750. A close above 1.4730 on the Daily chart will generate a LONG position with Target 1 at 1.4870 and Target 2 1.5025.
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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