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11.06.202108:54 Forex Analysis & Reviews: EURAUD approaching 1st resistance, potential for a reversal!

Exchange Rates 11.06.2021 analysis

Price is approaching 1st resistance, which is in line with 61.8% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance, where we could see a reversal and further drop towards 1st support, in line with 78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support. It is worth noting that price is also holding under both the descending trendline and Ichimoku cloud resistances, showing signs of bearish pressure in line with our analysis.

Trading Recommendation

Entry: 1.57396

Reason for Entry:

61.8% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance

Take Profit: 1.56885

Reason for Take Profit:

100%, 127.2% Fibonacci extension and horizontal swing low support

Stop Loss: 1.57722

Reason for Stop Loss:

78.6%, 127.2% Fibonacci extension and horizontal swing low support

*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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