Trendsharks

Chance to Join EURAUD's Downtrend

Short
OANDA:EURAUD   Euro / Australian Dollar
The downtrend of the EURAUD , which commenced following a reversal indicated by the Head and Shoulders pattern, looks poised to continue sliding lower. This was indicated by the recent Dead Cat Bounce from the 61.8 per cent Fibonacci retracement level at 1.57112.

The price action is now likely to head towards the previous swing low at 1.52680. This is part of the establishment of a broader 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory.

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