Marenno

EURAUD Overnight trading observation, general trading Idea

FX:EURAUD   Euro Fx/Australian Dollar
Price direction on a 1D chart is down, as new lower low and lower high appeared (Price direction is not the same as a trend direction)
Yesterday's close is below 5MA what gives a bit more power to bearish signals
Currently none of the major chart patterns appears (1D Chart)

Price is currently at 76.4% Fibonacci retracement area
in a relation to Previous swing UP

Will look for a bullish mid-term entry setup (based on 1D chart, using lower leverage and wider stops, this type of trade will be left open for a few days) at around 1.5100
On a 4H chart we have a bearish chart pattern

Will look for a bearish short term entry setup (based on 4H chart, this type of trade will be left open for a few hours) at around 1.54
"This Overnight observation is to give an overall trading idea on the coming day, but the session opening must be clearly watched, as, it is normal - when market moves in the opposite direction against the main direction for a short while.

P.S.: Sometimes you can see opposite opinions in my analysis. Please don’t rush to complain. It is happening due to a different timeframe analysis. 
Entry level on a higher grade chart can be a target on a lower grade chart"
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