SimpleFX  EURAUD Chart Analysis: October 9, 2019

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After the market rebound from the lower yellow support line, we saw the initial part of the upward movement. It is likely that the bulls are now aiming to reach the upper yellow bound of the channel while moving within the ascending green channel. Thus, in the coming trading days, the market may grow to the resistance level of 1.659, which is located on the upper green bound. Given that this movement will occur in two ascending channels, growth may be rapid. However, in the case of a breakdown below the lower green bound near the level of 1.620, the bulls may lose their potential. In this case, the price will open a path to the support level of 1.592, which is located on the lower yellow wall.

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