OPEC+ - unexpectedly - decided to gradually increase back the oil supply. What's the outlook for the oil price?
EUR/AUD looks down
Information is not investment advice
EUR/AUD rose to 1.6420 yesterday but failed to close there. The 200-period MA on the H4 chart and the 50- and 100-day MAs limit the upside. The pair is currently testing 38.2% Fibonacci retracement of the November-December advance. It looks like we have an interim top. EUR/AUD may slide lower. The next levels to watch are 1.6270 (50% Fibo) and 1.6235 (61.8% Fibo and MAs).
Trade idea for EUR/AUD
SELL 1.6295; TP1 1.6270; TP2 1.6235; SL 1.6310
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