FXCM

EURAUD is facing bearish pressure, potential for downside

Short
FX:EURAUD   Euro / Australian Dollar
Prices are facing bearish pressure from 1st resistance level , in line with horizontal swing high resistance, which coincides with 78.6% Fibonacci retracement as well as 50% Fibonacci retracement . Prices might push down to our 1st support level which is in line with 61.8% Fibonacci extension , 127.2% Fibonacci extension as well as horizontal swing low support. If prices break through 1st resistance, it might hit the 2nd resistance which coincides with the 127.2% Fibonacci extension . Stochastics is also showing that it might face resistance and pullback from the 77.0 level.
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Comments

And good luck to you too.
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What do you think of this scenario? A strong dollar quickly affected a smaller currency against the euro.
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