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11.04.2018 04:40 AM
EUR/AUD Approaching Support, Prepare For A Bounce

EUR/AUD is approaching its support area at 1.5879 (61.8% Fibonacci extension, 100% Fibonacci extension, horizontal swing low support) where we expect to see a bounce, pushing the price up all the way to its resistance at 1.5976 (50% Fibonacci retracement, horizontal overlap resistance).

Stochastic (55, 5, 3) is approaching its support at 5.49% where we expect to see a corresponding bounce. A bullish divergence in price has also been identified which contributes to our bullish bias.

Buy above 1.5879. Stop loss at 1.5839. Take profit at 1.5976.

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Dean Leo,
Analytical expert of InstaForex
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