AlbionTrader

EURAUD to break support?

FX:EURAUD   Euro / Australian Dollar
Another pair that closed on the verge of either a bounce or a support/resistance break.

EURAUD stopped on Friday at 1.41748 with a very short body that suggest a price confirmation in the area that has been a support quite a few times in the last quarter.
If the EUR appreciates, there is still a soft level to consider at 1.41328 so for the moment the Risk-Reward-Ratio is not in our favour, especially considering that a bounce is far from improbable.

A price confirmation down that soft level would instead lead the way to 1.40560 (as from a former support seen on the weekly) with a SL just above the current 1.41748 level.

Conversely, in case of bounce, a conservative TP could be 1.44050 but this needs to be confirmed by what we see in the chart.

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