EURAUD Short position here, Price has rejected the 0.5 fib level and has broken then tested weekly support. targeting the bottom of swing with tight SL just above 0.5 fib level
Watch for price action to buy EURAUD
Reason is Elliot wave 4th wave completed
0.50Fibo level holds price
Although applying structure we can see that 5th wave started
Target: 1.58269-1.58508
SL: 1.56346
Weekly - Lower low, lower close, Price is looking to head lower and find the next key support level.
Daily - Price has come up to retest the key daily res at 1.5630 and closed with a long wick indicating rejection from this level.
H4 Entry - Morning star reversal pattern off the 61.8 fib and daily resistance. Looking for the 127.2 as extension targets which are ...
38.2% & POSSIBLE 61.8% Retracement LONG GWAVE.
FIB Retracement Percentage is calculated in a Higher Cartesian and or Euclidean Dimension.
PLEASE ALWAYS WAIT FOR STOCHASTIC CONFIRMATION!!! THANKS
EURAUD is a pair that from my experience has many surprises. This is just based on long experience of understanding the 'personality' of this pair.
I also know that there is a probable move south on stockmarkets which the Aussie tends to follow. The EURO took a beating last week, so punters are likely to try for a 'good deal'. So if both happen, EURAUD has some ...
The price formed a sloping flag pattern which signifies exhaustion of the trend due to diminished angle.
Expected to test the lower boundary of the W1 channel and possibly beyond
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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