📊TECHNICAL ANALYSIS ON 24-HOURS TIMEFRAME
EURAUD will it drop to 1.63 again. After reversing to the upside from the confluence support of the trend line started in January and the horizontal level at 1.63, EurAud touched twice 1.6850 resistance and reversed each time. Now the pair is flirting with short-term support and a breakdown could follow. In this instance, EurAud could drop further and I have 1.63 support as a target. The pair is bearish under 1.6850 and traders should look to sell rallies in search for a good risk: reward.
📊QUICK FUNDAMENTAL LOOK
Euro rose in European trade on Monday against a basket of major rivals, extending gains for the third straight session against the dollar, scaling a three-month high and approaching the $1.1 barrier. Such gains come as concerns about the the widening interest rate gap between the US and Europe diminish, with analysts now expecting both the Federal Reserve and the European Central Bank to maintain interest rates unchanged next month.
⚠️Warning: Trading contains elements of risk, please be careful when Making Orders, Market Recommendations are only for consideration.