EURAUD approaching major resistance, look out for potential drop
EURAUD is approaching its resistance at 1.5810 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where price could potentially reverse and drop to its 1st support at 1.5615 (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).
Stochastic (55, 5, 3) shows a strong resistance at 98.6% where a corresponding reaction could occur.
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) shows a strong resistance at 98.6% where a corresponding reaction could 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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