Daily Video Analysis: EURAUD approaching descending trendline, potential for a drop

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Daily Video Analysis: EURAUD approaching descending trendline, potential for a drop

Today we take a look at EURAUD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is approaching our buy entry level, in line with our descending trendline resistance, where we could see a reversal and further drop towards our take profit level, in line with our 61.8% Fibonacci retracement. Stochastics has also reversed from the upper 89.2 level where it has reacted off before, in line with our analysis.

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/215559/