forexTrdr
Long

forexTrdr EURAUD- TREND AND SUPPORT IN PLAY

FX:EURAUD   Euro / Australian Dollar
Morning traders

With the Aussie rate cut out of the way and having very limited impact on the market given how well flagged it had been the setup on Euro versus Aussie Dollar is looking interesting. The pair are trading close to oversold levels on multiple metrics and at decent support level as highlighted on our trading view chart. There is also an up sloping trendline coming into play around these price levels. Additionally volume is falling as the price has fallen suggesting that selling interest is running out of steam into the rate cut and we may be about to see a move higher again within the trading range towards 1.63 then potentially 1.64 area.

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Good luck trading

from the Team at forexTrdr



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