EURAUD testing channel resistance!

Price is testing major descending resistance at 1.5419 (bearish channel resistance, horizontal overlap resistance, 61.8% Fibonacci retracement) and a strong drop could possibly occur at this level to push price down towards 1.5285 support (Fibonacci extension, horizontal swing low support). Our next major level of resistance is at 1.5478 (78.6% Fibonacci retracement, horizontal break out resistance level).

Stochastic (34,5,3) is seeing major resistance below 96% where a corresponding drop could occur.

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Chart PatternsEURAUDeuraudanalysiseuraudbearisheuraudbreakouteuraudbuyeuraudlongeuraudselleuraudshorteuraudtradeHarmonic PatternsTrend Analysis

This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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