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EURAUD Sideways action for now

Market Analysis

EURAUD, H4                  

The Daily and H4 EURAUD chart has been consolidating for the last six days following a very strong run from February’s low of 1.3620.  The range has been confined to around 120 pips with a top at 1.5040 and a floor at 1.4920, with both extremes touched three times this week. The latest H4 candle confirmed the trading range and a short position was filled at 1.5015 with a target at 1.4940, a break of the fractal highs around 1.5085 would negate this position.   The longer term Weekly and Monthly trends remain positive and the RSI remains neutral at 53.21.

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Stuart Cowell

Senior Market Analyst


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