EURAUD testing channel resistance!

FX:EURAUD   Euro / Australischer Dollar
Price is testing major descending resistance at 1.5419 ( bearish channel resistance, horizontal overlap resistance, 61.8% Fibonacci retracement ) and a strong drop could possibly occur at this level 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) is seeing major resistance below 96% where a corresponding drop could occur.

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Losses can exceed the initial investment so please ensure you fully understand the risks.
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This analysis is provided as general market commentary and does not constitute investment advice.
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