EURAUD - Looking for a corrective bounce
EURAUD - Intraday - We look to Buy at 1.5955 (stop at 1.5910)
Broken out of the wedge to the downside. The 161.8% Fibonacci extension is located at 1.6012 from 1.6787 to 1.6308. Bespoke support is located at 1.5955. The conflicting views have resulted in the immediate outlook being hard to interpret. The selloff is close to an exhaustion count on the intraday chart. Preferred trade is to buy on dips. Although the anticipated move higher is corrective, it does offer ample risk/reward today.
Our profit targets will be 1.6180 and 1.6200
Resistance: 1.6066 / 1.6180 / 1.6250
Support: 1.6012 / 1.5955 / 1.5535
Broken out of the wedge to the downside. The 161.8% Fibonacci extension is located at 1.6012 from 1.6787 to 1.6308. Bespoke support is located at 1.5955. The conflicting views have resulted in the immediate outlook being hard to interpret. The selloff is close to an exhaustion count on the intraday chart. Preferred trade is to buy on dips. Although the anticipated move higher is corrective, it does offer ample risk/reward today.
Our profit targets will be 1.6180 and 1.6200
Resistance: 1.6066 / 1.6180 / 1.6250
Support: 1.6012 / 1.5955 / 1.5535
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