EURAUD H4 AnalysisEUR/AUD is on a free fall after finding resistance just below the 1.6600 handle. Where will the bulls step in?
The 1.6300 major psychological handle is a good bet as it lines up with a strong resistance area that the pair recently broke. What’s more, it’s also around a 61.8% Fib retracement while stochastic fell to oversold territory.
A long trade at the earliest signs of a bounce would give you a good reward-to-risk ratio especially if EUR/AUD pops back up to its January highs.
If you think that EUR/AUD will see more selling before popping higher, then you can also watch out for major handles such as 1.6200 and 1.6100 as potential entry levels.
Not sure that EUR/AUD will bounce at all? You can wait until the pair firmly closes below 1.6300 and short the pair until it consolidates around an area of interest.
