marck023

EUR/AUD - Short Opportunity

FX:EURAUD   Euro Fx/Australian Dollar
We see a very strong support ( sorry I wrote Resistance on the chart) on the left side and as the chart violated that level, it is most probable that we see a retracement at around the same area. With the Fibonacci Tool I also identified a 0.5 level in the same zone and if we add that the RSI is showing that the market is currently overbought, we have very good confirmations that the most probable thing to happen is a strong downside move in the next few hours. I put my targets at around 1.3677 or the previous low and the stop loss at 1.3932, slightly higher than the previous high.
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