EURAUD is testing its resistance, potential for a drop!

23 Mar 2018

EURAUD testing its resistance at 1.6036 (100% Fibonacci extension, swing high resistance, Elliot wave structure) where a reaction could happen causing price to fall to its 1st support at 1.5876 (38.2% Fibonacci retracement, horizontal swing low support). If it breaks past this level it could fall to its 2nd support at 1.5816 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support). We have also identified another resistance at 1.6115 (61.8% Fibonacci extension).

Stochastic (34, 5, 3) is approaching its resistance at 95.7% where a corresponding reaction could occur.