EURAUD is facing bearish pressure, potential for further drop!

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EURAUD is facing bearish pressure, potential for further drop!

EURAUD is facing bearish pressure, potential for further drop!

EURAUD is facing bearish pressure, potential for further drop!

Price is facing bearish pressure from our first resistance in line with our horizontal overlap resistance, 38.2% fibonacci retracement and 61.8% fibonacci extension where we could see a further drop below this level to our first support target. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.

Trading Recommendation

Entry: 1.55520

Reason for Entry:

horizontal overlap resistance, 38.2% fibonacci retracement and 61.8% fibonacci extension

Take Profit: 1.54217

Reason for Take Profit:

61.8% fibonacci retracement and horizontal pullback support

Stop Loss: 1.56221

Reason for Stop Loss:

horizontal overlap resistance, 61.8% fibonacci retracement

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

Source : https://www.fx.co/forex_analysis/quickview/209795/