I will be looking for shorts if a reversal pattern does occur at 1.6350 and the Daily CTL (Counter-Trend Line). However, if we do break above 1.6350 I will be looking for a pull back into 1.6350 before going long.
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...
EUR AUD has been testing a major zone for over a week and we have rejected it. should see eur aud pair drop too 1.60500
TARGETS
1.60750
1.60500
1.600000
I'm waiting for a clear break of this trend line and will then go long on this pair to fill the gap above.
I'm expecting some downward consolidation before this break takes place.
Trade safe and good luck!
we could possibly see an H&S Pattern form before we get another leg to the downside.
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After a long uptrend, EURAUD seems to be getting weaker with this head and shoulders pattern forming just above a strong resistance area. The 'head' of the pattern isn't the most reassuring to look at so will need to carefully watch price action to check if the pattern in valid. The resistance line area has been tested multiple times and although the 'left...
4h shows a very clear movement off resistance therefore indicating it is time for EURAUD to go down. retracement is likely to take place a number of time but the overall movement for this pair is downwards.
keep an eye on 15M for a good entry!
The better the entry = the more pips you catch!
We are going down under. As you can see price is nearly at a key daily and monthly level and we can only see downside bearish movement IF price enters our resistance zone again... we will be waiting for price to enter this zone before taking a trade though... be patient and if price drops now from where it is before entering our zone and you miss the trade so...
The Euro vs. the Australian Dollar. This pair is considered to be a great barometer for global risk. In 2012, during the European sovereign debt crisis the EURAUD reached its low. Since then, due to the European Central Bank’s policy of Outright Monetary Transactions (OTM or the “whatever it takes” measure ) the pair has recovered substantially.
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