EURAUD testing its resistance, potential to drop further!
EURAUD has been testing its descending resistance line and resistance at 1.5992 (50% Fibonacci retracement). This could push price down to its support level at 1.5905 (50% Fibonacci retracement, multiple swing low support. If it breaks past this level, it could fall to its next support at 1.5878 (100% Fibonacci extension, horizontal swing low support).
Stochastic (89, 5, 3) is being held down by a corresponding descending resistance line which contributes to our bearish bias.
Stochastic (89, 5, 3) is being held down by a corresponding descending resistance line which contributes to our bearish bias.
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