EURAUD testing support, watch for breakout, potential drop!
Updated
EUAUD has broke out of our short term ascending support line and is testing our first support at 1.600 (horizontal swing low support, 38.2% Fibonacci retracement). A breakout below this level might trigger a strong reaction, pushing price down to our major support at 1.5961 (horizontal pullback support, 61.8% Fibonacci extension, 50%, 61.8% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.
RSI (89) is also reacting off its major descending resistance line and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is also reacting off its major descending resistance line and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Trade closed: target reached
wohoooo! target reached! hope you guys manage to ride this wave down!
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