EUR/AUD - Short Opportunity

FX:EURAUD   Euro Fx/Australian Dollar
We see a very strong support ( sorry I wrote Resistance on the chart) on the left side and as the chart violated that level, it is most probable that we see a retracement at around the same area. With the Fibonacci Tool I also identified a 0.5 level in the same zone and if we add that the RSI is showing that the market is currently overbought, we have very good confirmations that the most probable thing to happen is a strong downside move in the next few hours. I put my targets at around 1.3677 or the previous low and the stop loss at 1.3932, slightly higher than the previous high.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out