EURAUD testing its resistance, potential to drop further!

FX:EURAUD   Euro / Australian Dollar
EURAUD has been testing its descending resistance line and resistance at 1.5992 (50% Fibonacci retracement ). This could push price down to its support level at 1.5905 (50% Fibonacci retracement , multiple swing low support. If it breaks past this level, it could fall to its next support at 1.5878 (100% Fibonacci extension , horizontal swing low support).

Stochastic (89, 5, 3) is being held down by a corresponding descending resistance line which contributes to our bearish bias.

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