EUR/AUD Forex Analysis and Forex Signal - SlickTrade Academy - Nadex and Forex

Price has reached a major resistance level for the EUR/AUD, on the D1 timeframe. This is a good entry for a short position with a low risk level for the possible trend reversal.

What Others Are Predicting

The Euro is likely to push the pair price further down if pricing breaks down and persists below the 61.8 Fibonacci retracement at 1.6240. The lower targets that can be followed in that case are 1.6200 and then 1.6160.

Strong Resistance zone with 61.8% Fib level

My Thoughts!

Price has reached a strong resistance level on the D1 timeframe..
Set SL above the previous resistance level of 1.64000

Our short target range is 1.61000 – 1.58978

Cheers to another successful week!