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Tuesday, June 27, 2017

EUR/AUD: Overbought!

Another currency pair which has entered its overbought indication. EUR/AUD has reached the top. 

There is an opportunity to open Short Position and take profit during retracement period. 1.47920 will most probably be Resistance Level that will try to hold the pair from moving upward any higher.

And technically, EUR/AUD will try to reach the yellow zone as shown in the following picture.

I am looking forward to exiting the market at above 1.47553 as it currently acts as Support Level.

However, shall EUR/AUD breaks above 1.48028, I will try to exit the market as soon as possible and forget about retracement scenario for today.