A potential reversal for EURAUD
Reviewing the daily chart, EURAUD has been moving upwards for the last month, following the trendline T1.
Having failed to break the February’s high level, price dropped vertically testing not only the upward trendline T1, but also 61.8% Fibonacci’s level. Both are forming an important support zone, where is a potentially demand zone and buyers may step in.
Going to more technicals, RSI is testing the basis line (50 level), while CCI is following the upward trendline.
Overall, the setup indicates a potential strong reversal and a continuation of the last month’s bullish momentum.
On the other hand, if price breaks out the 61.8% Fibonacci’s level to the downside, then the setup is busted.
Disclaimer: The views expressed do not constitute investment or any other advice/recommendation/suggestion and are subject to change. Reliance upon information in this material is at the sole/discretion of the reader. Opinions expressed in the report do not constitute an offer or invitation to anyone to invest or trade.