EURAUD testing its resistance, potential to drop further!

EURAUD has been testing its descending resistance line and resistance at 1.5992 (50% Fibonacci retracement). This could push price down to its support level at 1.5905 (50% Fibonacci retracement, multiple swing low support. If it breaks past this level, it could fall to its next support at 1.5878 (100% Fibonacci extension, horizontal swing low support).

Stochastic (89, 5, 3) is being held down by a corresponding descending resistance line which contributes to our bearish bias.