EURAUD approaching resistance, potential drop!
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.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (34) is also approaching our resistance 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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