Been keeping my eye on this pair and it seems we are in an ascending triangle and approaching a strong resistance. I'll go short @ 1.5775.By the way, I'm a few weeks old into forex trading and would love to hear what you thick of my idea, Thanks
Nice idea on EURAUD and there may be bearish bias as you have you have identified. For our set up, we have identified the key resistance and support levels for the short term. The first resistance that we have identified is at 1.5876 (100% Fibonacci extension , 50% Fibonacci retracement , horizontal swing high resistance), which is just above the horizontal resistance level that you have identified. Stochastic is approaching its resistance at 96% where a corresponding reversal could occur. If a reversal does occur, we may look at the 1.5750 support (61.8% Fibonacci retracement , horizontal swing low support).
Please have a look at our idea and share with us what you think.
Please have a look at our idea and share with us what you think.