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.
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