EURAUD highest since February 1st

On Friday price tested resistance at 1.4150. This ended with a long upper shadow on the daily chart, which in turn could trigger a supply contraction on Monday. However, this did not happen and the EURAUD quotations were launched today with a bullish gap. Compared to the Friday closing price is rising at 9:00 over 100 pips.

Target for bulls is 1.4470 or even 1.4580

The key will be closing of today’s daily candle. If good mood persist until end of the day (which is currently the main scenario) EURAUD will see upside potential of 200-300 pips. The closest target of demand is 1.4470, but this level is not so strong to stop growth and can be even tested level 1.4580. If there is a bearish correction, the nearest support is 1.4150.



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