EURAUD approaching 1st support, potential for a bounce!

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Price is approaching our 1st support, in line with our 78.6% Fibonacci retracement, 50% Fibonacci extension, horizontal swing low support and ascending trendline support. We could potentially see a bounce and further upside towards our 1st resistance, in line with our 50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance. Stochastics is also approaching the lower 7.11 support level where it has reacted from before, in line with our analysis.

Trading Recommendation

Entry: 1.54198

Reason for Entry:

78.6% Fibonacci retracement, 50% Fibonacci extension, horizontal swing low support and ascending trendline support

Take Profit: 1.54845

Reason for Take Profit:

50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.53808

Reason for Stop Loss:

78.6% Fibonacci extension and horizontal swing low support

The material has been provided by InstaForex Company - www.instaforex.com

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