EURAUD approaching major resistance, look out for potential drop

Mar 14, 2018

EURAUD is approaching its resistance at 1.5810 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where price could potentially reverse and drop to its 1st support at 1.5615 (L T 61.8% Fibonacci extension, 61.8% Fibonacci extension, 50% Fibonacci retracement, multiple swing low support). If it breaks past this level, it could fall to its 2nd support area at 1.5497 (61.8% Fibonacci retracement, horizontal pullback support).

Stochastic (55, 5, 3) shows a strong resistance at 98.6% where a corresponding reaction could occur.

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