Long-term and short-term analysis of the Australian dollar's performance against the US dollar.
EURUSD is ready to rise
Information is not investment advice
On the H1 chart of EURUSD, the euro is testing the support level of 1.1004 that was formed on Monday. At the same time, the price has touched the lower band of the Bollinger Band indicator and is showing signs of bouncing upwards. The bullish reversal is confirmed by the RSI and the Stochastic Indicator. The RSI stepped into the oversold zone and crossed the 30% bottom-up. The Stochastic Indicator’s fast line crossed the slow one in the same manner within the oversold zone. That presents a good opportunity to open longs. The resistance levels for this scenario may be placed at 1.1022 and 1.1030. The bearish direction may have an additional support level at 1.0988.
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