EURAUD is approaching our first resistance at 1.5628 (horizontal overlap resistance, 38.2% Fibonacci retracement, 61.8%, 100% Fibonacci extension) and a strong reaction might occur below this level, pushing price down to our major support at 1.5277 (horizontal swing low support). Stochastic (89,5,3) is also approaching our major resistance and a reaction off this level might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
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