EURAUD - Head and shoulders forming
Trade Idea
Continued downward momentum from 1.6231 resulted in the pair posting net daily losses yesterday.
Selling posted in Asia.
Previous support located at 1.6025.
Levels close to the 50% pullback level of 1.6327 found sellers.
A bearish Head and Shoulders is forming.
Trend line support is located at 1.6017.
The formation has a measured move target of 1.5600.
Preferred trade is to sell into rallies.
We look to Sell at 1.6085
Stop: 1.6125
Target 1: 1.5600
Target 2: 1.5550
Continued downward momentum from 1.6231 resulted in the pair posting net daily losses yesterday.
Selling posted in Asia.
Previous support located at 1.6025.
Levels close to the 50% pullback level of 1.6327 found sellers.
A bearish Head and Shoulders is forming.
Trend line support is located at 1.6017.
The formation has a measured move target of 1.5600.
Preferred trade is to sell into rallies.
We look to Sell at 1.6085
Stop: 1.6125
Target 1: 1.5600
Target 2: 1.5550
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