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EURAUD looking interesting on break of 20 DMA

Market Analysis

EURAUD, Daily            

The EURAUD pair first caught my eye yesterday (July 21) after a long sustained (over 30 day) down move from the May 24 high. It  formed a five day floor around the 1.4520 level earlier this week and then rallied and attempted to break the 20 DMA and 23.6 Fibonacci zone around 1.4730-1.4750.  A close above 1.4730 on the Daily chart will generate a LONG position with Target 1 at 1.4870 and Target 2 1.5025.


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Stuart Cowell

Market Analyst


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