Head & Shoulders on DAILY.
Price still has potential to go bullish to test the zone. If price tests zone, will wait for confirmation on a lower time frame before going short. Or will enter short after a confirmed breakout.
Potential to long EURAUD and keep riding the current bullish trend.
Consecutive higher highs and higher lows being made. The bottom trendline has held strong with the 4hr 50EMA
Looking for a new higher high and targeting the -0.27 fib extension for target profit 1.
If this level breaks then the larger fib extension could be reached for over 5:1 RR
EURAUD seems to have broken through a relatively consistent support trendline on the 1H, along with that the cloud is also showing bearish signs and a strong cloud resistance above.
SHORT trade with about 100 pip SL to put it above the cloud and then consistent MM on the way down to lock in profits.
We can see the pair respecting the wedge formation over the last days and this will continue. Buy low and aim for the Highs. Allow a good SL outside of the wedge for brexit events causing EUR fluctuation.
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