Description
⋅ Evening Traders,
Today’s analysis – EURAUD – breaking out of its rising channel where a deviation back is probable,
Points to consider,
- Price Action Impulsive
- Rising Channel Broken
- .618 Fibonacci objective
- Low Volume
EURAUD’s immediate price action is trading with an impulse sell, a deviation back into the .618 Fibonacci will allow for a short.
The Rising Channel is a brearish formation, increasing the probability of downside movement.
Price Action testing the .618 Fibonacci allows for a short entry if this trend is deemed bearish.
Overall, in my opinion, EURAUD is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps,
Thank you for following my work
And remember,
“Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions” – Jack