CapMoore

Price Stands At Important Confluence Support

FX:EURAUD   Euro / Australian Dollar
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Price has reached the Yearly S1/Lower Kumo Cloud. The S1 was traded
this week. This cross pair has been the strongest/weakest of the last
weeks but currently there is a chance for a pause or bounce, since the
confluence support is also combined with the Apr 2015 Low.
The 61,8 Fib stands at 1,35 sharp some 230 pips from current level.
Yet more added support is seen in the projected Kumo Cloud which is
bullish . When price hits the lower Cloud from the inside of it, and the
projected cloud is bullish (green line above the red line) the chances
for a bounce is greater than if the projected cloud would have been bearish .
Trading is always a game of probabilities. To understand the greater
picture helps the trading on lower time frames.
Be mindful of the risks of shorting at current levels. Better is to find
opportunities to play a bounce from here. Perhaps price will spike the
61.8 Fib before returning back. There is still some trading days left
for that to occur.
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