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 JustForex 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.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
What Forex pairs to trade?
Forex is a market, where the currencies are traded. Currencies are traded in pairs, so a Forex pair is a ratio of one currency's value to another.
Read more
Real Estate economic indicators.
There are several important real estate market metrics today. If we are talking about the United States, these are Building permits, Housing Starts, New Home Sales, Existing Home Sales, and Pending Home Sales. These economic metrics are often not highlighted in economic calendars, but they are the most important parameters reflecting the state of the real estate market in the country.
Read more
OPEC+ meeting
The Organization of Petroleum Exporting Countries (OPEC) is an international organization composed of oil exporting countries whose main purpose is to control production quotas for raw materials to ensure price stabilization in international oil markets.
Read more