After falling for three weeks in a row EURAUD is oversold and near lower weekly Bollinger Bands and an important daily support at 1.4830. This is a level that caused prices to rally in December and created an uptrend that lasted for several weeks. Even if we didn’t get a similar move from this support this time, the previous move indicates how important this level has been to the market participants.
Obviously I don’t know beforehand if the support will hold but it price consolidates above or near the 1.4830 support we should see buyers emerging and moving the pair higher again. The first intraday resistance level can be found at 1.4986-1.5025 while a more significant resistance will test the bulls’ commitment above the 23.6% Fibonacci level at 1.5172.
I look for buy opportunities above 1.4830 support with target 1 at 1.4986 and target 2 at 1.5075.
If you don’t know how to utilize the above analysis, please join my free webinars for further training. Below I have a EURAUD trade example from last Tuesday’s Live Analysis Webinar. This setup worked perfectly and those shorting EURAUD as per my analysis made a nice pile of pips. If you want to learn to find similar trades, you need to attend some webinar training. I look forward to seeing you there!
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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.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
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