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22.04.202112:11 Forex Analysis & Reviews: EURAUD approaching 1st support, potential for a bounce!

Exchange Rates 22.04.2021 analysis

Price is approaching 1st support, which is in line with our 78.6% Fibonacci retracement, 78.6% Fibonacci extension, horizontal swing low support and ascending trendline support. We could potentially see a bounce at this level and further rise up towards 1st resistance, which is in line with 61.8% Fibonacci retracement, 61.8%,161.8% Fibonacci extension and horizontal overlap resistance. Stochastics has also just bounced from the 11.71 level where it has reacted from before.

Trading Recommendation

Entry: 1.54737

Reason for Entry:

78.6% Fibonacci retracement, 78.6% Fibonacci extension, horizontal swing low support and ascending trendline support

Take Profit: 1.55670

Reason for Take Profit:

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

Stop Loss: 1.54298

Reason for Stop Loss:

78.6%, 161.8% Fibonacci extension and horizontal swing low support

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert of InstaForex
© 2007-2021
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