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EURAUD rallies above 200-SMA after double bottom emerges
EURAUD completed a bullish double bottom formation in the four-hour chart and spiked to a three-week high of 1.5946 on Thursday after closing comfortably above the 1.5770 neckline. The area around the 200-period simple moving average (SMA), which has seen many struggles in December, is currently in target. A descending trendline stretched from 1.6409 and the 38.2% Fibonacci retracement of the downfall from 1.6418 to 1.5592 are in the same neighborhood, making the region more challenging as the RSI and the Stochastics are still strengthening within the overbought zone. Should the bulls continue to hold the reins above ... (full story)