EURAUD Short Trade Opportunity... Full analysis on screenPrice is up against some heavy resistance @1.63 and we can also see that Bearish momentum is increasing so I guess we will see a further decline in Price in the next few days. Crucial is a break of the trend line on the other hand if there is a break of the counter trend line I will close the trade manually. I hope my on screen analysis is clear but if not feel free to ask me in the comments below.
Euraudtrade
EURAUD reversed from resistance, potential drop!
EURAUD reversed off its resistance at 1.63682 where it could potentially drop further to 1.62797.
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EURAUD ShortHi,
We get a pullback to the 618 level, we are looking for a third bearish leg to the 1272 extension level. Entry on the break of the upward channel. But, was a bit late on this. This is a purely technical setup and will be holding this into the Asian session.
Entry: 161700
Stop loss: 161876
Take profit: 161214
Will be trailing stops to Break Even at the break of the lows.
Buy signal emergingWhen you look on the daily time frame you will note that price is in an up trend:
I am looking to buy in a bullish market, so
1. Nice pullback on D1 after the minor resistance was broken
2. The market is now beginning to test the fibonacci levels
3. Pin bar forming (needs to close as such to confirm)
This setup has to be validated by a price action signal like a pin bar or hammer, bullish engulfing etc.
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#EURAUD, The bulls are here to stayA definite upward trend.
After the euraud peaked at 1.66 the currency responded with a normal correction and the euraud stopped just in support in 16343.
If you want to get into a strong trend the ideal price comes after significant 300-pips repairs as in the above case.
Target: 1.6680
EURAUD -> KEEP AN EYE OUT AND DONT MISS MOVESFREE ANALYSIS ON EURAUD
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EURAUD could make one more bullish run to around 1.66500. from then we should see more move to the downside.
EURAUD approaching support, potential for a bounce!
EURAUD is expected to drop to 1st support at 1.61012 where it could potentially react off and up to 1st resistance at 1.61633.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
EURAUD potential reversal!
EURAUD expected to rise up to 1st resistance at 1.61451 where it could potentially react off and drop down to 1st support at 1.60992.
*Disclaimer.*
Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment. Pepperstone Group Limited is licensed and regulated by the Australian Securities and Investments Commission (AFSL 414530). Pepperstone Limited is authorised and regulated by the United Kingdom Financial Conduct Authority (FRN 684312). This information is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
EURAUD reversed from resistance, potential drop!
EURAUD reversed off its resistance at 1.62552 where it could potentially drop further to 1.61788.
*Disclaimer.*
Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment. Pepperstone Group Limited is licensed and regulated by the Australian Securities and Investments Commission (AFSL 414530). Pepperstone Limited is authorised and regulated by the United Kingdom Financial Conduct Authority (FRN 684312). This information is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Major resistance prevails# Resistance was respected
# Bearish engulfing pattern completed
# RSI recovering from oversold conditions
Shorting at market price 1.62732 with
# SL above bearish engulfing @ 1.64194 and
# TP lower down @ 1.57542
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As usual don't bet the farm. Good risk management won't kill you but the lack thereof could!