EURAUD (1H) - short term bullish bias
After its parabolic rise earlier this week, the single currency pulled back to the previous lows and support level at around 1.6140. We would expect the pair to meet solid interest from the dip-buying crowd. A rebound is likely as long as bids outlast offers in this demand zone. A break below might trigger an extended sell-off. But for now, there could be a bullish RSI divergence in the making if the downward momentum is easing off. A bounce above 1.6190 would definitely seal the deal.
Key support: 1.6140
Key resistance: 1.6190
After its parabolic rise earlier this week, the single currency pulled back to the previous lows and support level at around 1.6140. We would expect the pair to meet solid interest from the dip-buying crowd. A rebound is likely as long as bids outlast offers in this demand zone. A break below might trigger an extended sell-off. But for now, there could be a bullish RSI divergence in the making if the downward momentum is easing off. A bounce above 1.6190 would definitely seal the deal.
Key support: 1.6140
Key resistance: 1.6190