we have multiple resistance's, one even dating back from August 3rd 2016. On the daily price is being squeezed. Price has failed at this resistance trend line multiple times and doesn't look like it has the strength to break it now, however if price breaks above the trade will be invalid.
From a long term daily perspective I see it has been in a downtrend. It has retraced up to a level (1.444) it may reverse at or go up a bit (1.4500) more then finally head down to around the 1.42000 area.
We have a new lower low and the strong support is broken and is now strong resistance. I will be looking for bearish evidence in that area to follow the trend and go short!
Like if you agree, support and follow please!
I failed earlier shorting this pair on a lower time frame, but i cant help it but take the trade again.
This time with a broken trend line in daily time frame + MACD crossover
ratio is pretty good, so if turns out a losing trade, not much is lost.
EURAUD broke the trend line, consolidated a bit, a small pull down, and now its trapped in a channel.
am expecting the channel to break and head down to our TP.
this is a risky trade, am opening a small position and so should you.
- Great ratio
- Broken trendline
- MACD divergence