FX.co ★ EURAUD facing bullish pressure, potential for further upside!

Price is facing bullish pressure as it continues to hold above both the ascending trendline support, in line with our bullish bias. We could potentially see a bounce at our 1st support level at 1.54635, which is in line with our 61.8% Fibonacci retracement and 161.8% Fibonacci extension, and a further rise towards our 1st resistance level at 1.55420, which is in line with our 50% Fibonacci retracement and 78.6% Fibonacci extension. It is worth noting that the MACD is above the 0 line, showing bullish pressure in line with our analysis.

Trading Recommendation

Entry: 1.54635

Reason for Entry:

61.8% Fibonacci retracement, 161.8% Fibonacci extension and horizontal overlap support

Take Profit: 1.55420

Reason for Take Profit:

50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.54101

Reason for Stop Loss:

61.8% Fibonacci retracement and horizontal swing low support