Technician
Short

EURAUD: Pullback Time!

FX:EURAUD   Euro / 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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Technician
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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.
Reply
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.
Reply
Technician PRO IvanLabrie
Well, i am still waiting for lower timeframe confirmation..
Reply
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.
Reply
Technician PRO IvanLabrie
lets see where we close today as well, but so far no signs of reversal
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