EUR/AUD reversed down

EUR/AUD reversed down

Trade idea

SELL 1.5890; TP1 1.5815; TP2 1.5740; SL 1.5910

EUR/AUD is currently testing the support line from the start of 2017. This week the pair went below the 50-week MA at 1.5965. There’s a “shooting star” (bearish pattern) on MN. On D1, we can see a complete “Head and shoulders” pattern. Notice that the pair even retested the pattern’s neckline and then was rejected further down. EUR/AUD would need to return at least above 1.60 for buyers to have a chance to turn the situation their way. The decline below 1.5895 (23.6% of the 2017-2018 advance) will open the way down to 1.5810 and 1.5740.  

EURAUD.png

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