Looking at the technicals we see a lot of signals for trend continuation on multiple time frames. With the huge spike over a week ago the price is still in correction on the daily.
There is the beginning of what could be consolidation on the daily at the 20 EMA but there are no candles sticks shown to lead me to believe that is the bottom. There has been a rally in AUD over the past few days and a progressive weakening of the EUR. This leads my bias towards the downside.
My bias is we will see a pull back at or closer to the daily 40 EMA with this increased activity.
Entry: 1.7883
SL: 1.8052
TP: 1.7543
There is the beginning of what could be consolidation on the daily at the 20 EMA but there are no candles sticks shown to lead me to believe that is the bottom. There has been a rally in AUD over the past few days and a progressive weakening of the EUR. This leads my bias towards the downside.
My bias is we will see a pull back at or closer to the daily 40 EMA with this increased activity.
Entry: 1.7883
SL: 1.8052
TP: 1.7543
Trade closed: stop reached