EURAUD approaching resistance, potential drop!

11 ביולי 2018

EURAUD broke out of our short term ascending line and is approaching our first resistance at 1.58496 (horizontal overlap resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension) where a strong reaction might occur below this level pushing price down to our major support at 1.5440 (horizontal swing low support, 76.4% Fibonacci retracement, 61.8% Fibonacci extension). A breakout below our intermediate support at 1.5651 (horizontal swing low support, 38.2% Fibonacci retracement) might provide the bearish acceleration to our major support level.
RSI (34) is also approaching our resistance and we might see a corresponding drop in price.
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