EURAUD - Selling into rallies after a small bounce
EURAUD - Intraday - We look to Sell at 1.6200 (stop at 1.6245)
Price action has formed a bearish ending wedge formation. Trend line support is located at 1.6020. Bespoke support is located at 1.5983. The formation has a measured move target of 1.5350. The 161.8% Fibonacci extension is located at 1.6012 from 1.6787 to 1.6308. Risk/Reward would be poor to call a sell from current levels.
Our profit targets will be 1.6020 and 1.6000
Resistance: 1.6200 / 1.6245 / 1.6308
Support: 1.6020 / 1.6012 / 1.5535
Price action has formed a bearish ending wedge formation. Trend line support is located at 1.6020. Bespoke support is located at 1.5983. The formation has a measured move target of 1.5350. The 161.8% Fibonacci extension is located at 1.6012 from 1.6787 to 1.6308. Risk/Reward would be poor to call a sell from current levels.
Our profit targets will be 1.6020 and 1.6000
Resistance: 1.6200 / 1.6245 / 1.6308
Support: 1.6020 / 1.6012 / 1.5535
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