EURAUD is testing a strong overlap support at 0.8501 along with a short term trend line support. It is also aided by the bullish momentum from the Golden Cross (50 x 200 SMA) and the Ichimoku cloud. We could be seeing a bounce from here pushing prices up to 1st resistance at 0.8532.
Trading Recommendation
Entry: 0.8501
Reason for Entry:
Trend line support, 23% retracement, overlap support, golden cross.
Take Profit: 0.8532
Reason for Take Profit:
78.6% Fibonacci retracement
Stop Loss: 1.89148
Reason for Stop Loss:
38.2% Fibonacci retracement
