rajenderam40
Short

EURAUD Broke Trend-Line Support, Indicates Further Downside

FX:EURAUD   Euro / Australian Dollar
43 0 7
Failure to surpass 100-day SMA fetched the EURAUD             prices to break a year-long ascending trend-line support, indicating further downside towards 1.4550 and the 1.4460 nearby support levels prior to testing 1.4350 horizontal-line support. Should the oversold RSI fails to trigger pair's bounce from 1.4350, it can extend the southward trajectory towards 1.4180 and the 1.4000 psychological magnet.
On the upside, 1.4660 can offer immediate resistance to the pair, clearing which the support-turned-resistance line, at 1.4730 now, and the 61.8% Fibonacci Retracement of its April – August upside, near 1.4790, are likely consecutive upside levels it could witness. Moreover, pair's successful break of 1.4790, also surpassing the 1.4800 round figure mark, can propel it towards 1.4950 and the 1.5100 resistances prior to again confronting the 100-day SMA level of 1.5160.

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