EUR/AUD: Euro looks for support at key Fibonacci retracement level

Denis Joeli Fatiaki Independent Analyst

EUR/AUD: Euro looks for support at key Fibonacci retracement level

The Euro has been trading around a key Fibonacci retracement level at1.63620 for the past 24 hours and continues to hold its position as it attempts to make a reversal to the upside. Euro has also developed a price channel to the upside since bouncing back at around 1.63135 support on Monday trades.

The pair needs to remain within the price channel as indicated on the chart above to head back up. Price targets are estimated at 1.64345, 1.65095, and 1.66020

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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