FX.co ★ EUR/AUD reversed nicely off resistance, prepare for a drop

EUR/AUD reversed off its resistance at 1.5515 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal overlap resistance) where we expect the price to drop to the support at 1.5289 (horizontal swing low support). We have to be cautious and watch for the intermediate support at 1.5385 (50% Fibonacci retracement, horizontal overlap support).

Stochastic (55, 5, 3) has also reversed off its resistance at 95% where a corresponding drop is expected.

Sell below 1.5515. Set stop loss at 1.5601 and take profit at 1.5289.