EURAUD is in an overall downtrend, trading a in a clear descending channel. The pair seems to have respected price action, testing significant price levels as it tanked. The next possible move for EURAUD is to retest the 1.52700 support zone forming a double bottom pattern, gaining more than enough momentum to rally to the 1.56000 resistance zone. Alternatively, The pair can break through the support zone, creating more lows in its downside continuation. Personally looking for long opportunities as 1.52700 strong support level.
Entry Point 1.53000, Stops 1.52000 & Target 1.56000.
Trading ideas are subjective. individual analysis advised.
Entry Point 1.53000, Stops 1.52000 & Target 1.56000.
Trading ideas are subjective. individual analysis advised.