EUR/AUD Intraday Update

OANDA:EURAUD   Euro / Australian Dollar
A minor recovery could get under way after hitting the substantial support at ~1.5625. However, dynamics have become quite unfriendly over the past days, so the setting of a new lower peak in the 1.5750-area is expected. Such a new lower peak should trigger a serious test of the mentioned support zone , and indeed, significantly increase the chance of a break below. 1.5455<>1.5430 then becomes the main focal point. 

An aggressive short-entry on the bounce towards (max) 1.5750 is justifiable. Note that the longer term outlook is rather fuzzy and does not really contradict a near-term short. 

Intraday trend: neutral/negative
Outlook: lower peak and breakout likely
Strategy: aggressive short-entry on bounce 
Support: 1.5625 / 1.5455 / 1.5430
Resistance: 1.5750 / 
Outlook cancelled/neutralized below 15.10

Comment: Now that the new top has been set, sellers should make the push very soon.
Do not allow for a second bounce anymore. SL to max 1.5740
Trade closed: stop reached: Too much recovery - close and avoid.
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