EURAUD has been falling last weeks in its 5th wave down-move and after resting for some time it tried to get to the 38.2 retracement of the previous down swing but failed.
Marking this failed attempt as the Wave "a", it went down a little bit to summon all its power for a second attempt to get higher but as you can see a nice pin-bar has formed, showing its inability to make a new high and setting up a nice double top with bearish divergence to get short.
Marking this failed attempt as the Wave "a", it went down a little bit to summon all its power for a second attempt to get higher but as you can see a nice pin-bar has formed, showing its inability to make a new high and setting up a nice double top with bearish divergence to get short.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.