EURAUD approaching 1st support, potential for a bounce!

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Price is approaching 1st support, in line with 61.8% Fibonacci retracement, 127.2% Fibonacci extension and horizontal pullback support. We could potentially see a bounce and further rise up to test 1st resistance, in line with 61.8% Fibonacci extension and horizontal swing high resistance. RSI is also approaching the ascending trendline support, showing signs of bullish pressure as well.

Trading Recommendation

Entry: 1.57637

Reason for Entry:

61.8% Fibonacci retracement, 127.2% Fibonacci extension and horizontal pullback support

Take Profit: 1.58317

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.57240

Reason for Stop Loss:

Horizontal swing low support

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

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