EURAUD is in a downtrend and we now see price having bounced from a resistance parallel of a valid median line. That's a nice level to short the market with stoploss and profit targets as shown at the chart. Move your stoploss at BE to the second position if price reaches the target at the first one. Likes and comments are welcomed..
I am expecting euraud to Drop from this upward channel or wedge Reasons To Short: Probably a REversal In Trend Point Triple Top Nearly Straight Line Upward Resistance High Bearish Volume As Seen Clearly Lower Boundry Breakout Upcoming News Likes To Be Supporting The Trade 1 By 5 Risk To Reward Ratio Trade
EURAUD completed a corrective pullback in the ABC manner at 1.520. From this C wave highs a sharp drop down occurred on EUR while the other pair AUDUSD seems to trade more stable or even higher in recent sessions. For now a nice 3 wave move down unfolded with wave 4 in view with resistance around 1.4658-1.4711 region. www.ew-forecast.com @ewforecast
While EURUAD appears to be moving sideways, it has actually been extremely bearish over the past few months and this can be seen in the image below: https://www.tradingview.com/x/BT0X7rAT/ With that being said, we are looking to ride this downward moving momentum and take a short position on a break below and close below of the supporting trend-line marked in ...
EURUAD is still trading bullish, now ideally in red wave (iii), that could reach levels around 1.6300-1.634, where our fibo. ratios project end of red wave (iii). That said recent rally could push prices higher in sessions ahead. Invalidation level is at 1.55065, as long as this level holds, we are looking up. www.ew-forecast.com @ewforecast