EURAUD testing resistance, potential drop!

26 ביוני 2018

EURAUD is testing our first resistance at 1.5813(horizontal overlap resistance, 61.8% Fibonacci retracement, 61.8%, 100% Fibonacci extension) where a strong reaction might occur below this level pushing price down to our major support at 1.5547 (horizontal overlap support, 50% Fibonacci retracement). A breakout below our intermediate support at 1.5609 (horizontal overlap support, 38.2% Fibonacci retracement) might provide the bearish acceleration to our major support level.
Stochastic (89,5,3) is also approaching its resistance and a reaction off this level might see a corresponding drop in price.
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