FX.co ★ EURAUD Potential For Bearish Continuation | 30th June 2022

On the H4, with price recently breaking the ascending trendline, we have a bearish bias that price will drop from the 1st resistance at 1.51707 at the overlap resistance in line with 23.6% fibonacci retracement , 38.2% fibonacci retracement and 61.8% fibonacci projection to the 1st support at 1.48930 at the pullback support in line with the 100% fibonacci projection . Alternatively, price may bounce off the 1st resistance and rise to the 2nd resistance at 1.53443 at the swing high.

Trading Recommendation

Entry: 1.51707

Reason for Entry:

Overlap resistance in line with 23.6% fibonacci retracement , 38.2% fibonacci retracement and 61.8% fibonacci projectionTake Profit: 1.48930

Reason for Take Profit:Pullback support in line with the 100% fibonacci projectionStop Loss: 1.53443

Reason for Stop Loss:

Swing high