EURAUD Being Held Down By Descending Resistance

Price has been testing its descending resistance line where we look to sell below 1.5992 (50% Fibonacci retracement). This could push price down to its support level at 1.5878 (100% Fibonacci extension, horizontal swing low support). We do however need to be cautious of the intermediate support at 1.5905 (50% Fibonacci retracement, multiple swing low support).

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