Technical analysis EURAUD for 07.12.2021

The Tenkan-sen line is located above the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.58900. The closest support is the top of the cloud

Key levels

• 1.61700, 1.60000, 1.58900, 1.57250, 1.56100, 1.54525

Trading scenario

• Recommended opening long positions (Buy) at the current price, with Take Profit of 1.60000 and Stop Loss of 1.58090

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.56100, with Take Profit of 1.54525 and Stop Loss of 1.57250