After having broken down the uptrend line H4, EURAUD has reached 1.6140 before initiating a pullback on 1.6280. At thi time the pair is on the weekly resistance at 1.6240-1.6260. Moreover the last daily candlestick shows a sort of red shooting star which may announce a trend reversal. I think that the pair may trigger a new downtrend rallye. The price could at least reach the fibonacci 50 level. In my strategy, the stop loss will be set just above of the last week high at 1.6360. The stop loss will be moved to break even as soon as TP1 is reached.
I agree with your bearish view on EURAUD. Our trading signal idea is also of the same bias. We have found roughly resistance levels at 1.6266 which is also a horizontal swing high resistance and 61.8% fibonacci retracement.
Additionally, our stochastic is approaching resistance, which backs up our bias.
Glad to see that we have the same bias for EURAUD.
Additionally, our stochastic is approaching resistance, which backs up our bias.
Glad to see that we have the same bias for EURAUD.