EURAUD Daily Fib analysis
Updated
I would like to introduce you an interesting trading idea on EURAUD D1.
I noticed this pair is in consolidation for 9 months and it respects major Fibonacci levels with a great accuracy.
It is probable than the price will test the 0 level of Fib on the chart before a reversal, even if the RSI is already overbought.
Trading plan I will follow :
-Identify a reversal on H4
-Enter next bar market.
Target : 38,2% Fib
SL : 113% first swing fib level
R:R 2:1 if possible.
Good luck!
I noticed this pair is in consolidation for 9 months and it respects major Fibonacci levels with a great accuracy.
It is probable than the price will test the 0 level of Fib on the chart before a reversal, even if the RSI is already overbought.
Trading plan I will follow :
-Identify a reversal on H4
-Enter next bar market.
Target : 38,2% Fib
SL : 113% first swing fib level
R:R 2:1 if possible.
Good luck!
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