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.
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From a weekly view, EURAUD is bullish and the bearish momentum we witnessed may be seen as a retracement of the weekly time frame.
Price is currently at a reversal level where we can potentially see price retrace to 1.61470 and from this point we may potentially see price move bullish to complete the move at 1.66422.
euraud a pair that I waited for a while, so in weekly we tested the highest of August 24, 2015 and it gave us a big bearish reaction with leaving in closing a huge shooting star in day, so a break below the 1.65361 will lead us to 1.64466 as the first target, then we will have a tp2 at 1.60360 and a tp3 at 1.57166
sl @ 1.68
Trend has been tested by recent days now it is soon going to pick a down trend.
As per looking to daily chart it is showing that bears are still active.
So we trade here.
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a very nice potential on EURAUD is forming, at least price need to come down corrective. Watch Draghi speach on EUR and AUD news for the drop. Wait for the first impulse a small correction and join the drop! Trade with care.
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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...