EURAUD Reversed Off Resistance, Prepare For Further Drop
Sell below 1.5954.
Stop loss at 1.6066.
Take profit at 1.5734.
Reason for the trading strategy (technically):
EURAUD reversed off its resistance at 1.5954(61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance) where it is expected to drop further to its support at 1.5734 (61.8% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected.
Stop loss at 1.6066.
Take profit at 1.5734.
Reason for the trading strategy (technically):
EURAUD reversed off its resistance at 1.5954(61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance) where it is expected to drop further to its support at 1.5734 (61.8% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected.