EURAUD (1H) - short term bullish bias
The single currency found strong buying interests near the daily support level of 1.6200 to recoup some losses from last week. The RSI divergence and two days of consolidation were signs that selling pressures have eased off. The RSI indicator bounced back from the over-sold area while the faster MA crossed above the slower one, in a textbook confirmation of a bullish rebound. As the price is attempting to lift offers around 1.6300, we can expect a rally towards 1.6400.
Key support: 1.6230
Key resistance: 1.6330
The single currency found strong buying interests near the daily support level of 1.6200 to recoup some losses from last week. The RSI divergence and two days of consolidation were signs that selling pressures have eased off. The RSI indicator bounced back from the over-sold area while the faster MA crossed above the slower one, in a textbook confirmation of a bullish rebound. As the price is attempting to lift offers around 1.6300, we can expect a rally towards 1.6400.
Key support: 1.6230
Key resistance: 1.6330
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.