EURAUD has struggled to close above weekly resistance at around 1.6240 since December 2009.
I caught 100+ pips on its previous drop from this level and I'm watching closely to jump on it again.
We have seen a recent break of the 4H trendline and now price is came back up to test its previous highs again, potentially creating a nice double top formation.
I will be waiting for some candle confirmation on 4H before entering short.
First target is 1.6222, about 100 pips.
Next target is 1.6000, about 220 pips.
Stop loss can be just above previous wick highs to avoid spikes taking us out.
I caught 100+ pips on its previous drop from this level and I'm watching closely to jump on it again.
We have seen a recent break of the 4H trendline and now price is came back up to test its previous highs again, potentially creating a nice double top formation.
I will be waiting for some candle confirmation on 4H before entering short.
First target is 1.6222, about 100 pips.
Next target is 1.6000, about 220 pips.
Stop loss can be just above previous wick highs to avoid spikes taking us out.
Trade closed: stop reached:
Stop loss hit.
Mistake was not waiting for a daily candle closure to confirm downwards movement.
I still believe EURAUD will make this move so I will be looking for reentry when I see fit.
Mistake was not waiting for a daily candle closure to confirm downwards movement.
I still believe EURAUD will make this move so I will be looking for reentry when I see fit.