EURAUD approaching resistance, potential drop!
EURAUD is approaching our first resistance at 1.5943 (horizontal swing high resistance, 100% Fibonacci extension, 38.2% Fibonacci retracement) which coincides with the short term descending resistance line. A strong reaction might occur below this level, pushing price down to our major support at 1.5790 (horizontal overlap support, 61.8% Fibonacci extension, 38.2% Fibonacci retracement).
Stochastic (55,5,3) is also approaching our major resistance and a reaction off this level might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (55,5,3) is also approaching our major resistance and a reaction off this level might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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