EURAUD testing support, watch for breakout, potential drop!
EUAUD has broke out of our short term ascending support line and is testing our first support at 1.600 (horizontal swing low support, 38.2% Fibonacci retracement). A breakout below this level might trigger a strong reaction, pushing price down to our major support at 1.5961 (horizontal pullback support, 61.8% Fibonacci extension, 50%, 61.8% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.
RSI (89) is also reacting off its major descending resistance line and we 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.
RSI (89) is also reacting off its major descending resistance line and we 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.
Trade chiuso: obiettivo raggiunto
wohoooo! target reached! hope you guys manage to ride this wave down!
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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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.