EurAud Possible Short

The EurAud pair is approaching a strong resistance support area. Testing of this level could result in a possible break out, after which a continuation might occur until next prominent resistance level at 1.56281. Failure to breakout from this resistance level will result in the prices retracing down to the 1.5447 level and possibly all the way to the 1.53755 support. PMI news releases coupled with the uncertainty of Italy's government formation will affect the price action of this pair. Blue lines on the chart represent daily/Hourly S/R areas, and red lines represent monthly/weekly S/R areas.