I'm projecting that this pair
EURAUD
will drop to the DZ (Demand Zone) in the 1.5160 area. A few things we have seen so far that bring about the 2618 trade setup on this pair is: 1) a double top formation; 2) the neckline of that double top broken; 3) price retracing into the 61.8% fib region; 4) multiple trend line retests and rejections. Price is flirting between the 61.8% fib region and large quarter point 1.5750, showing a little bit more buying power in the market right now. I want to be conservative with this trade as it is a weekly swing that could net a potential 600+ pips, so i'm waiting for strong weekly bearish candle to close below the neckline of that previous double top, which is at 1.57753.
All feedback is greatly appreciated. Thank you!
EURAUD
will drop to the DZ (Demand Zone) in the 1.5160 area. A few things we have seen so far that bring about the 2618 trade setup on this pair is: 1) a double top formation; 2) the neckline of that double top broken; 3) price retracing into the 61.8% fib region; 4) multiple trend line retests and rejections. Price is flirting between the 61.8% fib region and large quarter point 1.5750, showing a little bit more buying power in the market right now. I want to be conservative with this trade as it is a weekly swing that could net a potential 600+ pips, so i'm waiting for strong weekly bearish candle to close below the neckline of that previous double top, which is at 1.57753. All feedback is greatly appreciated. Thank you!
Comment:
Bearish price action setting up for the end of the trading week. We should pay close attention to the weekly close upon market open come Sunday to determine if this trade setup is still valid.