EUR/AUD breaks supports at 1.5269, short for targets of 70 pips

FX:EURAUD   Euro Fx/Australian Dollar
266 5 5
After the formation of shooting star at 1.5923 it has been breaking significant supports at 1.5670, 1.5496 and recently it has broken 1.5269 yesterday on a closing basis, at this juncture we see 21DMA has just crossed over 7DMA on daily time frame which is a sell signal, we think bears taking absolute control from here onwards.

Both leading oscillators converging downwards to these price dips.

RSI: Currently, RSI (14) trending near 37.8740 levels conforms to these price dips to signify the intensifying selling momentum.

Stochastic: This leading oscillator is approaching oversold territory with %D crossover to signal bears are in absolute control (current %D line flashes at 11.6111).

Hence, we would foresee euro             on weaker side on the back of today's poor German IFO business climate at -105.7 which is a decline from previous 107.3. So, it is foreseen that pair to slip towards 1.5105 levels shortly.

So, the trading recommendation would be good to buy binary puts on every rally for targets at 20-25 pips.
can i enter now sir??
FxWirePro PRO kurdashraf
Yes indeed, you can even wait for sometime, thereby you may even get better entry point for short.
kurdashraf FxWirePro
Thank you to answer my question
Good luck to you and all
Please can i Know the SL ??
FxWirePro PRO kurdashraf
Sorry for the delayed reply as I was signed off, For binary option trade is done (since trade was posted 5 hours ago) please refer 1 hourly chart for bear candle appeared at 14:00GMT (with highs of 1.5253 but closed at 1.5217, thereby the difference 36 pips). No worries, you can still consider the trade for delivery with SL at 1.5350 for the same targets at 1.5105.
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