EURAUD Testing Resistance, Prepare For Reversal!
Sell below 1.5700.
Stop loss at 1.5778.
Take profit at 1.5597.
Reason for the trading strategy (technically):
EURAUD is testing its resistance at 1.5700 (61.8% & 100% Fibonacci extension, 50% & 38.2% & 61.8% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 1.5597 (horizontal swing low support) is expected.
Stochastic (89, 5, 3) is approaching its resistance at 92% where a corresponding drop is expected.
Stop loss at 1.5778.
Take profit at 1.5597.
Reason for the trading strategy (technically):
EURAUD is testing its resistance at 1.5700 (61.8% & 100% Fibonacci extension, 50% & 38.2% & 61.8% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 1.5597 (horizontal swing low support) is expected.
Stochastic (89, 5, 3) is approaching its resistance at 92% where a corresponding drop is expected.