EURAUD pair fell sharply at the beginning of the week. Looking at the D1 interval, the sell-off has hit a key support level. The zone marked in green at 1.6180 is marked with the lower limit of the 1: 1 structure, 23.6% Fibonacci retrecement and highs from the beginning of August. According to the Overbalance methodology, as long as the price sits above 1.6180 further upward move towards recent highs at 1.6430 is possible. On the other hand, negating the support may lead to a deeper downward correction towards EMA55, which recently acted as a support.
EURAUD interval D1. Source: xStation5
