EUR/AUD: 4-hour
Now here’s a trifecta of resistance zones on EUR/AUD’s 4-hour forex chart! After bottoming out near the 1.3800 handle, the pair is now retracing to an area of interest. As you can see from the chart above, the falling trend line connecting the pair’s recent highs lines up with the 200 SMA and is close to a broken support zone. At the same time, it is also within the vicinity of the 61.8% Fibonacci retracement level and the 1.4250 minor psychological resistance. Stochastic has already reached the overbought zone, suggesting that euro bulls could charge sooner or later.
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