EURAUD, 240 min
The last time EURAUD was trading at current levels we looked for signs of reversal as the pair was trading at support. Now support level has been penetrated and its role has been reversed. The same level is now likely to act as a resistance. EURAUD is also trading near the upper 4h Bollinger Bands with Stochastics getting overbought and the down sloping 30 period moving average. The higher time frame momentum is to the downside and the pair has retraced back to a resistance.
We look for sell signals inside the 1.4865-1.4930 Sell Area with Target 1 at 1.4700-1.4753. Should this area get penetrated the Target 2 area is at 1.4614-1.4660.
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Chief Market Analyst
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