I will be waiting for a break and retest of my boxed zone and a 4H confirmation candle before entering short to around 1.5800.
II must wait for a break and retest as price is currently at 1.27 fib extension so price could still reverse from here. However confluence for EURAUD start with a strong bearish close on weekly showing momentum for the bears swell as price breaking through both EMAS. On daily both my 20ema and 50ema have crossed showing potential for more bearish movement. My target being the 1.618 fib extension where I will be looking for longs on corrective wave 4 up to around 1.600.
My trade should look something like this:
SELL EURAUD ~@ 1.5910
SL @ 1.5955 (-45)
TP @ 1.5780 (130)
R:R = 2.9
After this move I will be looking for longs but I will post this when the time comes, and if price plays out how I hope it does...
II must wait for a break and retest as price is currently at 1.27 fib extension so price could still reverse from here. However confluence for EURAUD start with a strong bearish close on weekly showing momentum for the bears swell as price breaking through both EMAS. On daily both my 20ema and 50ema have crossed showing potential for more bearish movement. My target being the 1.618 fib extension where I will be looking for longs on corrective wave 4 up to around 1.600.
My trade should look something like this:
SELL EURAUD ~@ 1.5910
SL @ 1.5955 (-45)
TP @ 1.5780 (130)
R:R = 2.9
After this move I will be looking for longs but I will post this when the time comes, and if price plays out how I hope it does...