EURAUD approaching resistance, potential drop!
EURAUD is approaching our first resistance at 1.5754 (horizontal overlap resistance, 38.2% Fibonacci retracement) where a strong reaction might occur below this level pushing price down to our major support at 1.5556 (horizontal overlap support, 50% Fibonacci retracement, 100% Fibonacci extension). A breakout below our intermediate support at 1.5623 (horizontal swing low support, 38.2% Fibonacci retracement) might provide the bearish acceleration to our major support level.
RSI (89) is also seeing a bearish exit 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 seeing a bearish exit 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.
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