EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/AUD reversed from support area
2019-11-11 • Updated
- EUR/AUD reversed from support area
- Next buy target - 1.4800
EUR/AUD today reversed up from the support area lying between the key support level 1.4650 (former strong resistance from December, which has reversed previous correction (ii) and A, as can be seen from the daily EUR/AUD chart below), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp intermediate ABC correction (A) from the end of February. Given the strength of the support level 1.4650 - EUR/AUD is expected to rise to the next buy target at the next resistance level 1.4800.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
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