EURAUD - Support becomes resistance at key level

Price was bullish last week, but overall the pair is in a long term down trend. Price gapped up on open today and has been falling since open with the first 4h candle this morning closing below resistance and price still falling.

Euro is pretty bullish at the moment, so this bear move may be temporary - so target is set at 50% retrace of last weeks up move which is confluent with trendline support.

Trade active:

Pair is moving nicely downward with a very strong move following RBA's event today.

Looks like this could continue lower so I'm going to remove my TP and set SL to BE and let it run.

Trade closed: stop reached:

Tragic mistake to have removed the TP.... price hit my planned TP almost perfectly before retracing higher while I watched hundreds of pips disappear. Could have closed out, but the whole time I though it would continue lower. I need to learn to recognise pullbacks from reversals.

Closed out at BE. Nil points!