EURAUD likely to rebound further

09 November 2020

EURAUD touched a high of 1.6827 on 20th October from where it declined sharply to touch a low of 1.6216 on Friday; it rebounded sharply from this level after taking support at the upward sloping trend line suggesting further upside potential. Also on Friday the pair ended in a bullish engulfing candlestick formation corroborating the above observation, RSI has also rebounded from near 34 levels indicating that a further rise could be seen. It would be prudent to say that EURAUD could rebound further towards 1.6360 & 1.6450 while it sustains above 1.6200.

Prepared by
Technical Analysis Team

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