LOOKING FORWARD TO SEE THE SELLOFF AFTER A SLIGHT PULLBACK
FROM MINOR RESISTANCE
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A definite upward trend.
After the euraud peaked at 1.66 the currency responded with a normal correction and the euraud stopped just in support in 16343.
If you want to get into a strong trend the ideal price comes after significant 300-pips repairs as in the above case.
EURAUD Recently broken out of it's short-term downtrending resistance, and come back down to bounce off of it.
EURAUD looks like its beginning to reverse and journey again to the main fib levels, and even to it's long-term downward resistance.
Keep an eye out, but IMO it's time to go long.
After that huge rejection candle marked on the rectangle the price action has been a bit choppy for a few days having retested the resistance area twice. After yesterdays bearish engulfing candle today the pair has broken the support and I expect it to reach the 1.605 area (support not retested in the uptrend movement)
This is how I have played this trade...
FX_IDC:EURAUD I am shorting EUR/AUD AT 1.63850, This can be seen from the 4hour chart the graph can't seem to break above the previous support which will lead me to sell this pair, and my target is illustrated on the chart get in, hop on, we go all the way down
All these predictions are made by Quantitative Analysis Algorithms following short term trends. These Quantitative Analysis Algorithms will calculate maximum correction relative to previous impulses.
Relative to previous bearish impulse we are now in a bullish correction. So algorithm expecting a short term bearish impulse.
FREE ANALYSIS ON EURAUD
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EURAUD could make one more bullish run to around 1.66500. from then we should see more move to the downside.
We recently saw price rally bullish and rejected off resistance. Price is currently showing potential to break bearish. I have marked Entry, stop loss and take profit.
Manage your risk DO NOT risk more than 2% of your equity.
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