EURAUD approaching resistance, potential drop!
EURAUD broke out of our short term ascending support-turned-resistance line and is approaching our first resistance at 1.5885 (horizontal swing high resistance, 100% Fibonacci extension) where price might potentially drop to our major support at 1.5653 (horizontal overlap support, 38.2% Fibonacci retracement). A breakout of our intermediate support at 1.57 09 (horizontal swing low support) might provide the bearish acceleration to our major support target.
Stochastic (55,5,3) is also approaching resistance and we might see a corresponding drop in price if it reacts off this level.
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 resistance and we might see a corresponding drop in price if it reacts off this level.
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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