EURAUD short prefered

Wait for pullback, confirm the breakout before re-entering short.

Comment:

Target at 1.562 hit, taking half profits and moving my SL of both entries to 1.572 (break even of second entry)
So, +250 pips for first entry and +100p for second one.

Price still in oversold area.
And for those who like to know what the big players are doing, Hedge Funds favor AUD weakness...

Comment:

SL hit for both short entries at 1.572 by 2pips but don't care, still made money.

Price might go up a little more but will go down at the end; BUT if it does not break the blue dot ligne, then it's going up to at least 1.88 !
So, for now be patient.

Comment:

*Price tested range , now is siting just below 50MA (2H TF) acting as resistance.
*(Not to get ahead of ourselves but if there is strong momentum on any push lower and the trend-lines were to break, a higher degree Head and Shoulder might come into play, turning this short term trade into a much larger opportunity)

**Should you see sustained trade beyond 1.5726 then price will be back inside the range, invalidating this set=up.
**First go after 1.58, followed by 1.55/1.54

Comment:

Price went back inside the range
So, all bearish trades are cancelled.

Now, trade the range or wait for a breakout on either side.

Order cancelled:

Short bias negated.
Trade range or wait for breakout.