EURAUD Reversed Off Resistance, Prepare For Further Drop
Sell below 1.6168.
Stop loss at 1.6219.
Take profit at 1.6092.
Reason for the trading strategy (technically):
EURAUD reversed off its resistance at 1.6168(100% Fibonacci extension, 76.4% & 50% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at 1.6092(50% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) reversed off its resistance at 95% where a corresponding drop is expected.
Stop loss at 1.6219.
Take profit at 1.6092.
Reason for the trading strategy (technically):
EURAUD reversed off its resistance at 1.6168(100% Fibonacci extension, 76.4% & 50% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at 1.6092(50% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) reversed off its resistance at 95% where a corresponding drop is expected.