FullTimeTrader
Long

EURAUD-reacting near 1.500

FX:EURAUD   Euro Fx/Australian Dollar
1138 1 14
After a strong decline last weeks this pair is showing signs of reaction near the strong psycholevel 1.5000
I expect a pullback a this level and the downtrend to continue later.
Lets take a look at D1 chart, we have:
- 0.61 fib retracement and 1.61 fib extension (nice!!)
- ema 200 acting as support
- pinbar showing rejection
- continuum bullish divergence on MACD

snapshot

I prefer to trade this pair on H4 chart to best pinpoint entry and targets.

- wegde/ending diagonal
- bullish divergence on MACD
- 0.61 fib retracement
- morning star candle pattern
- clear impulse and correction visible on H1 chart

TRADE ONLY ONE EUR PAIR AT A TIME, we have Draghi's speech on Monday and Friday.

Best regards.
Comment: Sunday opened with a gap down so we could entry at better price.
Nice! Hope we break the bearish trendline, we might also look even at 0.572 target..
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