EURAUD - Ready for a downtrend rallye ?
After having broken down the uptrend line H4, EURAUD has reached 1.6140 before initiating a pullback on 1.6280. At thi time the pair is on the weekly resistance at 1.6240-1.6260.
Moreover the last daily candlestick shows a sort of red shooting star which may announce a trend reversal.
I think that the pair may trigger a new downtrend rallye. The price could at least reach the fibonacci 50 level.
In my strategy, the stop loss will be set just above of the last week high at 1.6360.
The stop loss will be moved to break even as soon as TP1 is reached.
My trade idea is:
Sell EURAUD
Entry: 1.6250
SL: 1.6360
TP1: 1.6170
TP2: 1.6060
TP3: 1.5970
Moreover the last daily candlestick shows a sort of red shooting star which may announce a trend reversal.
I think that the pair may trigger a new downtrend rallye. The price could at least reach the fibonacci 50 level.
In my strategy, the stop loss will be set just above of the last week high at 1.6360.
The stop loss will be moved to break even as soon as TP1 is reached.
My trade idea is:
Sell EURAUD
Entry: 1.6250
SL: 1.6360
TP1: 1.6170
TP2: 1.6060
TP3: 1.5970
Commentaire:
TP1 and TP2 reached.