FX.co ★ EUR/AUD on strong resistance, time to start selling

Price is testing major resistance at 1.4810 (Fibonacci retracement, Fibonacci extension, bearish channel resistance) and we expect a drop from this level to at least 1.4693 support (Fibonacci extension, horizontal swing low support).

Stochastic (34,5,3) is seeing major resistance below the 97% level where we expect a drop from.

Correlation analysis: We're expecting overall EUR weakness today as seen in EUR/USD bearish move. We're also expecting AUD strength today as seen in AUD/USD bullish move. This combines well for a EUR/AUD bearish move.

Sell below 1.4810. Stop loss at 1.4881. Take profit at 1.4693.