Nice idea on EURAUD and there may be short term bearish potential as you have identified. I have identified a support level at 1.6167, which price may fall down to. It is a horizontal overlap support, with a 61.8% Fibonacci extension and 50% Fibonacci retracement. I have also identified a 2nd support level at 1.61231, which coincides with the lower limit of your take profit level. Stochastic is approaching its support at 2% where a corresponding bounce could occur. If a potential bounce does happen, we may take a closer look at the 1.6260 resistance level. It is a horizontal overlap resistance with a 50% Fibonacci retracement. Looking forward to seeing how things develop.
Please have a look at my idea and we would like to hear from you.
UnknownUnicorn718827
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@ICmarkets, Yes, I agree with your idea. She is clearly thought out and spelled out by levels of support and resistance. in your prediction of prices, I agree with you. We are waiting for the fall to the levels that we have defined.
Please have a look at my idea and we would like to hear from you.