EURAUD is in bearish trend on daily chart. After a 22 days almost free fall it retraced above a strong weekly resistance R1 which coincides with 0.236 FIB level. It failed to sustain and closed below that level in 3 days. My Entry is at current level and target TP1 is just above weekly support S1. ABCD chart pattern gives me my second target TP2 just above monthly support near which lies the point D which also coincides with S2 monthly support. This strategy gives me a much closer stop loss above weekly resistance R1.
Comment:
Stop loss trailed down to 1.55540