Technician
Short

EURAUD: Pullback Time!

FX:EURAUD   Euro Fx/Australian Dollar
2251 34 29
The pair hit a major resistance level at 1.5020 where it was rejected forming a giant pin bar today. The horizontal resistance coincides with top of the short term ascending channel as shown on chart. I am looking for a pullback lower within the coming few days, targeting initially 1.4830 level. A break and stability above 1.5145 might negate this scenario.

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Be careful when shorting this pair, the last bullish movement shows a strong momentum upward which doesn't reverse direction immediately, I think bears will be trapped in this one.
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Hi Technician, Did you get filled on your short trade idea and if so are you still in the trade? We have a bullish daily candle with a close outside the channel and I am curious if this invalidates your short set up or do you have other criteria for risk management. Thanks for posting mate , love your charts and your set-ups.
Reply
Thank you tuamen, i haven't shorted yet as there is no confirmation signal on the four-hour interval yet. I will be monitoring developments and update when necessary.
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jangseohee Technician
the upper uptrend channel gotta extend a little bit, change TA according to price action
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IvanLabrie PRO jangseohee
Do you give so much credence to channels in general?
I wouldn't dare to buy AUD vs EUR at this point in time.
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Technician TOP IvanLabrie
Well, i am still waiting for lower timeframe confirmation..
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IvanLabrie PRO Technician
I expect one or two more days of appreciation vs AUD.
If we don't see a drop by Monday, we will by Tuesday I'm sure.
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Technician TOP IvanLabrie
lets see where we close today as well, but so far no signs of reversal
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