Price action has just reached a critical zone of 1.6200 which has historically been a major area of structure for
EURAUD
. The level coincides with the 0.50 Fib level of the daily leg as well, acting as more convergence for entering a trade. If the daily candle holds its current position and closes below the 50% level we can start assessing potential shorts. Assuming the 4H time frame can make a shift to the downside, breaking structure, we can short from this area with TP1 being the 1.6010 level and TP 2 of 1.5925.
As always, remember to use proper risk management and confirmations on the 4H TF before entering.
Please like and comment on your ideas below. This helps support more analysis and allow others to see these as well. Good luck traders!
EURAUD
. The level coincides with the 0.50 Fib level of the daily leg as well, acting as more convergence for entering a trade. If the daily candle holds its current position and closes below the 50% level we can start assessing potential shorts. Assuming the 4H time frame can make a shift to the downside, breaking structure, we can short from this area with TP1 being the 1.6010 level and TP 2 of 1.5925. As always, remember to use proper risk management and confirmations on the 4H TF before entering.
Please like and comment on your ideas below. This helps support more analysis and allow others to see these as well. Good luck traders!