Tickmill
Short

EURAUD testing channel resistance!

FX:EURAUD   Euro / Australian Dollar
Price is testing major descending resistance at 1.5419 ( bearish channel resistance, horizontal overlap resistance, 61.8% Fibonacci retracement ) and a strong drop could possibly occur at this level to push price down towards 1.5285 support ( Fibonacci extension , horizontal swing low support). Our next major level of resistance is at 1.5478 (78.6% Fibonacci retracement , horizontal break out resistance level ).

Stochastic (34,5,3) is seeing major resistance below 96% where a corresponding drop could occur.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.

This analysis is provided as general market commentary and does not constitute investment advice. We will not accept
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