theforexportal

SELLING EURAUD @ MARKET 1.7067

Short
FX:EURAUD   Euro / Australian Dollar
I've taken quite a few pips out of this pair over the last 2 months and another SELLING opportunity is being flagged by my Disciplindicator Indicator.
The strong support indicated has been tested many times over the last week or so and this is weakening the line. With the incentive of WS1 pivot as a target I believe the BEARS will break through and break this SUPPORT.
I'm in at 1.7067 with a target initially of WS1 at 1.6941. I still believe 1.6300 is the ultimate target of the BEARS and possibly lower as the EUR remains under pressure. My STOP is 1.7102 for a 35 pip risk.
Trade closed: stop reached: Well the STRONG SUPPORT remained strong and the BULLS jumped in and drove the price higher. The AUD I noticed weakened across the board at this point so I'm assuming there may have been a something that hurt the AUD and helped the EURO BULLS. So a 35 pip loss on this trade but I'll be watching this support line at 1.7020 if/when price returns to it.