EURAUD (1H) - short term bearish bias
The euro came under pressure right near the daily resistance level of 1.6280. The pair has been in a wide consolidation range between 1.5900 and 1.6400. As the euro reached the higher end of the range, we would expect a retracement as buyers take profit and sellers get in. The bearish RSI divergence on the hourly chart gave the first sign of a potential turnaround. This was materialised by successive drops below 1.6180 and 1.6150. The sell-off is likely to continue below the moving averages.
Key support: 1.6080
Key resistance: 1.6210
The euro came under pressure right near the daily resistance level of 1.6280. The pair has been in a wide consolidation range between 1.5900 and 1.6400. As the euro reached the higher end of the range, we would expect a retracement as buyers take profit and sellers get in. The bearish RSI divergence on the hourly chart gave the first sign of a potential turnaround. This was materialised by successive drops below 1.6180 and 1.6150. The sell-off is likely to continue below the moving averages.
Key support: 1.6080
Key resistance: 1.6210
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.
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.