MEX_Exchange
Short

EURAUD Reversed Nicely Off Its Resistance

FX:EURAUD   Euro / Australian Dollar
Sell below 1.6032. Stop loss 1.6068. Take profit at 1.5960.
Reason for the trading strategy (technically):
EURAUD reversed nicely off its resistance at 1.6032 (61.8% Fibonacci retracement , 100% Fibonacci extension ) where we expect to see a further drop to its support at 1.5960 (61.8% Fibonacci extension , 38.2% Fibonacci retracement , horizontal pullback support). We do have to be cautious of the intermediate support at 1.5986 (23.6% Fibonacci retracement , horizontal overlap support).
Stochastic (89, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected.
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