If I remember correctly, this analysis is very similar to one I've posted earlier this year and it was also on EURAUD. Today, if we look at the daily chart, we can see that this pair has broken an important uptrend and might have completed the pullback. In the H4 chart, we can observe that the smaller uptrend has also been broken. On the chart above, my analysis on the H1 chart shows that a new downtrend has formed and that the pair is now in a sell zone: it finds itself right around to fibo retracements and a resistance. With the confirmation of the previous bearish engulfing candlestick, I can now affirm that it is probable that this pair will go down.
My first target would be around 1.5700.
Always combine my ideas with your own analysis.
Trade closed: stop reached
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Too much bullish momentum. New H1 trend has been broken. SL hit
Comment
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Analysis was on point in the end. Problem is that the SL was 8 pips too tight on this one. If some of yall used a wider SL, you are 100 pips in profit.