FX:EURAUD   Euro / Australian Dollar
22 0
Potential for a short trade on EURAUD

Price has bounced off the 0.618 Fib level and continued in downtrend, approaching the D extension levels.

Daily candlestick on Friday also closed as a Lower Low indicating further downtrend pressure is imminent

On the lower time frames of 4 hour and 60 minute, price has respected the current level of weekly and daily S&R and so anticipate a bounce and a bearish continuation

Current targets are set at the 1.3787 price (previous daily S&R) and the Fib extension level of -0.27, which is also confluent with daily S&R.

Will watch early trade action on the opening of markets prior to entering a trade
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