Short-term EURAUD long - daily time-frame - price action w/ RSI

FX:EURAUD   Euro / Australian Dollar
EURAUD looking clearly oversold and due a retrace move. RSI confirms this.

Price at daily horizontal support and potential head and shoulder neckline.

Stop loss set below recent lows and support level (1.5535). Also placed below the psychological level of 1.5550.

Take profit at potential tip of 2nd shoulder, horizontal resistance and around the moving averages (dynamic resistance).
Trade active: Entered when idea was published (1.5588).

Stop-loss now moved to just over break-even.

Price above the 50 and 100 SMA on the 1 hour time-frame.


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