EURAUD testing its resistance, potential to drop further!
EURAUD has been testing its descending resistance line and resistance at 1.5992 (50% Fibonacci retracement). This could push price down to its support level at 1.5905 (50% Fibonacci retracement, multiple swing low support. If it breaks past this level, it could fall to its next support at 1.5878 (100% Fibonacci extension, horizontal swing low support).
Stochastic (89, 5, 3) is being held down by a corresponding descending resistance line which contributes to our bearish bias.
Stochastic (89, 5, 3) is being held down by a corresponding descending resistance line which contributes to our bearish bias.
IC Markets is an online forex broker specialized in providing transparent trading solutions to both retail and institutional investors alike. We provide superior execution technology, lower spreads and unrivaled liquidity.