Daily Video Analysis: EURAUD potential for bounce!

Today we take a look at EURAUD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Prices are making a double bottom pattern, and is sitting on an ascending trendline support. Prices are also making higher lows and higher highs and currently is going to make a higher high. Prices might push higher towards graphical swing high resistance in line with 61.8% Fibonacci retracement. Stochastics is also approaching support, potential for bounce, in line with our analysis. Bullish divergence is also spotted in RSI.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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We present to you the daily updated section of market analysis prepared by professional analysts of InstaForex Company. Each of the specialists represented in this section, carries out analytical reviews in accordance with his/her vision of the current situation on foreign exchange and other markets. However, the outlooks below are only recommendations and not instructions to any actions; they contain analysis of the current situation on the currency market. In some cases the analysts' opinions to changes in the current market situation can differ, in this way, we recommend you to follow the publications of only one analyst, who in your view most clearly and correctly evaluates the situation on the international Forex market.

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