Daily Video Analysis: EURAUD seeing bearish breakout, potential for further drop!

Today we take a look at EURAUD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. EURAUD has just seen a bearish breakout of the ascending trendline, thus showing potential for a further drop. It could potentially reverse from our sell entry level, in line with our 61.8% Fibonacci retracement, and drop further to our take profit level in line with our -27.2% Fibonacci retracement and horizontal swing low support.

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