EURAUD has finally broken our major support-turned-resistance line at 1.5639 (Fibonacci retracement, horizontal overlap resistance) and a strong drop could occur from here that could push price all the way down to 1.5494 (Fibonacci retracement, horizontal pullback support).

RSI (89) is still holding well above our ascending support line and only a break of this would add further bearish momentum to our setup.

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