EURAUD approaching major resistance, potential reversal!
EURAUD approaching major resistance at 1.5810 (100% Fibonacci extension, 61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where a potential drop may occur to its 1st support at 1.5621 (L T 61.8% Fibonacci extension, 61.8% Fibonacci extension, 50% Fibonacci retracement, multiple swing low support). If it breaks past this level, it could fall to its 2nd support area at 1.5497 (61.8% Fibonacci retracement, horizontal pullback support). We have also identified another resistance at 1.5979 (L T 61.8% Fibonacci extension, 100% Fibonacci extension, swing high resistance).
Stochastic (89, 5, 3) shows it approaching its resistance at 98.25% where a corresponding reaction may occur.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (89, 5, 3) shows it approaching its resistance at 98.25% where a corresponding reaction may occur.
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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