Retest of "Mirror" Support on EUR/AUD

Retest of Mirror Support on EUR/AUD

The EUR/AUD currency pair has been growing after a significant drop since early August. The trading instrument has updated local highs. The current technical pattern signals a further recovery of quotes. The EUR/AUD currency pair has kept a "mirror" support level of 1.61650. The local resistance is the 1.62450 mark. We recommend paying attention to this situation.

If the price fixes above the resistance level of 1.62450, further correction of the EUR/AUD quotes is expected. The immediate goal for profit-taking is the round level of 1.63000. The movement is tending to 1.64000-1.64750. Confirmations and market entry points should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

by JustMarkets 2019.09.25

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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