Description
⋅ I wish you all a happy new month and good luck trading!
The EURAUD is in a downtrend (60min chart) and is currently under a retracement.
The retracement was expected since last week we observed positive/ bullish divergence between price and RSI indicator.
This can mean two things;
A. There will be a change of trend.
B. There is a pause/ recovery before continuing with the downtrend ( Preferred scenario)
Currently price is testing key resistance of:
Price level 1.44.
Top ichimoku hourly cloud.
Weekly pivot.
This is a good place to add some shorts with first target support zone 1.4320