FX.co ★ EURAUD approaching 1st resistance, potential for a reversal!

Price is approaching 1st resistance, which is in line with 61.8% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance, where we could see a reversal and further drop towards 1st support, in line with 78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support. It is worth noting that price is also holding under both the descending trendline and Ichimoku cloud resistances, showing signs of bearish pressure in line with our analysis.

Trading Recommendation

Entry: 1.57396

Reason for Entry:

61.8% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance

Take Profit: 1.56885

Reason for Take Profit:

100%, 127.2% Fibonacci extension and horizontal swing low support

Stop Loss: 1.57722

Reason for Stop Loss:

78.6%, 127.2% Fibonacci extension and horizontal swing low support