EURAUD Review
1) Price previously formed a right shoulder and head. I took my trade at the red dotted line at around 1.66007 where I saw two fib lines intersect.
2) Price dropped to a previous minor resistance/ creating a new support before coming back up again to my entry despite EUR German news being bearish...Trump's tweet this week on trade set off a chain reaction across the market. I took a second trade at my original entry and third trade once price broke the support it created at around 1.65870.
3) Current price is resting on a major level, EUR continues to look bearish and with Australia's Gov Kent explaining AUD's lower interest rates are benefiting the AUD economy we can expect AUD pairs to slowly recover. Fundamentally, EURAUD will continue to make some more traction on the down side.
4) My TP is at a previous major resistance level and correlates around two critical fib levels. I'm currently looking at another re-entry point at around the .382 level shown which is a previous minor support in the H&S formation or if price breaks support at re-tests. I would like to see a bearish engulfing candlestick. breaking support and a close below for me to re-enter.
1) Price previously formed a right shoulder and head. I took my trade at the red dotted line at around 1.66007 where I saw two fib lines intersect.
2) Price dropped to a previous minor resistance/ creating a new support before coming back up again to my entry despite EUR German news being bearish...Trump's tweet this week on trade set off a chain reaction across the market. I took a second trade at my original entry and third trade once price broke the support it created at around 1.65870.
3) Current price is resting on a major level, EUR continues to look bearish and with Australia's Gov Kent explaining AUD's lower interest rates are benefiting the AUD economy we can expect AUD pairs to slowly recover. Fundamentally, EURAUD will continue to make some more traction on the down side.
4) My TP is at a previous major resistance level and correlates around two critical fib levels. I'm currently looking at another re-entry point at around the .382 level shown which is a previous minor support in the H&S formation or if price breaks support at re-tests. I would like to see a bearish engulfing candlestick. breaking support and a close below for me to re-enter.