EUR/AUD Approaching Resistance, Prepare For Reversal

The EUR/AUD pair is approaching its resistance at 1.6199 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback resistance) where it is expected to reverse down to its support at 1.6061 (61.8% Fibonacci retracement, horizontal swing low support).

Stochastic (55, 5, 3) is nearing its resistance at 97% where a corresponding reversal is anticipated.

EUR/AUD is approaching its resistance where we expect to see a reversal.

Sell below 1.6199. Stop loss at 1.6333. Take profit at 1.6061.

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The material has been provided by InstaForex Company - www.instaforex.com