EURAUD dropping nicely from channel resistance

5. Jan. 2018

Price has dropped perfectly from our resistance area yesterday and has risen to test our descending resistance once again. A further drop is expected below major resistance at 1.5417 (bearish channel resistance, horizontal overlap resistance, 61.8% Fibonacci retracement) 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) still has some good downside potential.

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