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02.03.202111:28 Forex Analysis & Reviews: EURAUD is facing bearish pressure, potential for further drop!

Exchange Rates 02.03.2021 analysis

Price is facing bearish pressure from our first resistance in line with our horizontal overlap resistance, 38.2% fibonacci retracement and 61.8% fibonacci extension where we could see a further drop below this level to our first support target. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.

Trading Recommendation

Entry: 1.55520

Reason for Entry:

horizontal overlap resistance, 38.2% fibonacci retracement and 61.8% fibonacci extension

Take Profit: 1.54217

Reason for Take Profit:

61.8% fibonacci retracement and horizontal pullback support

Stop Loss: 1.56221

Reason for Stop Loss:

horizontal overlap resistance, 61.8% fibonacci retracement

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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