EUR/AUD is at a major resistance

EUR/AUD is at a major resistance

Trade idea

SELL 1.6350; TP1 1.6300; TP2 1.6255; SL 1.6370

Check the chart of EUR/AUD. The pair has reached the 50% Fibo retracement of the 2008-2012 decline (!). In previous years, this level has always held buyers back.

The D1 chart shows that the current high is not supported by oscillators (i.e. there’s a bearish divergence). In addition, the euro area will release industrial production today and the figures are expected to be bad. All of this makes us assume that EUR/AUD will correct down.

EURAUD.png

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