EURAUD (1H) - short term bullish bias
Last night's engulfing bullish candle gave the euro strength to make a comeback. The previous double dip into the RSI's over-sold territory suggests an over-extension of the sell-off. After a few hours of consolidation along the moving averages, the pair bounced higher above the immediate resistance level of 1.6150. The demand area at around 1.6120 will be critical for buyers to get a foothold. An extended rally may push the price towards 1.6200.
Key support: 1.6110
Key resistance: 1.6200
Last night's engulfing bullish candle gave the euro strength to make a comeback. The previous double dip into the RSI's over-sold territory suggests an over-extension of the sell-off. After a few hours of consolidation along the moving averages, the pair bounced higher above the immediate resistance level of 1.6150. The demand area at around 1.6120 will be critical for buyers to get a foothold. An extended rally may push the price towards 1.6200.
Key support: 1.6110
Key resistance: 1.6200