EURAUD approaching major resistance, potential reversal!

16 Mar 2018

EURAUD approaching major resistance at 1.5810 (100% Fibonacci extension, 61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where a potential drop may occur to its 1st support at 1.5621 (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). We have also identified another resistance at 1.5979 (L T 61.8% Fibonacci extension, 100% Fibonacci extension, swing high resistance).

Stochastic (89, 5, 3) shows it approaching its resistance at 98.25% where a corresponding reaction may occur.

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