EURAUD testing resistance, potential drop!
EURUAUD is testing our first resistance at 1.5897 (horizontal overlap resistance, 61.8%, 100% Fibonacci extension, 38.2% Fibonacci retracement) which coincides with our short term descending support line. A strong reaction might occur below this level, pushing price down to our major support at 1.5787 (horizontal overlap support, 76.4% Fibonacci retracement, 61.8%, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.
RSI (89) is also approaching our major descending 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.
RSI (89) is also approaching our major descending 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.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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