Short Side Channel Play

FX:EURAUD   Euro / Australian Dollar
Simple sell setup in EURAUD            

The larger trend in the pair is to the upside, looks to be in a bear flag at the moment correcting the last leg.

Support at 1.50 is a likely turning point for the pair and is set as take profit. Stop loss at spike high and above the down channel .
Trade closed: target reached: Targets reached on the big Euro spike down. Wave structure looks like it could go down further, but closing trade due to thin liquidity during holidays.
The first leg down has potentially finished as price is trying to break the trendline. Taking partial profits here ahead of targets
Trade Update - Nice selling pressure at the 38.2% fib. Looking for a break of 1.0580 lows to confirm the downtrend.
why short at that level?
It's the 61.8% retracement of the last leg 1.5255 - 1.5055
Normally I'd wait for a retest of the channel and fib confluence area, but because EURUSD is at some key resistance, so I went with the 61.8% fib
kinggold JigneshDavda
I see, makes sense. Thanks
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