EURAUD-short term trade-convergence+correction

FX:EURAUD   Euro / Australian Dollar
358 4 8
After a five wave impulse the price is making a correction, we have the first convergence shown on the chart.
Usually price retraces 0.61 or less before continuing the correction.
Target are the 1.27 and 1.61 fib projections.
Best regards
Looks good.
FullTimeTrader IvanLabrie
Yes, im backtesting some setups, will not try to catch reversals from the beginning (like GBPAUD), this setup is more conservative because the price broke previous level and is making a retracement.
+1 Reply
IvanLabrie FullTimeTrader
That's what I usually do.
I am short EUR/AUD any short term reversals/pullback is possible for this weak
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