EURAUD | It's time to evaluate a Bearish Momentum
The H4 analysis of the Euro/Australian Dollar exchange rate points to a negative trend, with the price currently undergoing a Fibonacci retracement at the 0.62-0.79 level. I anticipate a potential bearish momentum for the pair with a potential target of 1.6270, representing an area of liquidity that has yet to be explored. However, it is crucial for the price to execute a Break Out of Structure (BOS) on a 15-minute time frame during the London or New York sessions. We hope to observe a clear and significant change in market structure during these sessions; otherwise, the idea is not to be considered viable. We always await the necessary operational confirmations and adhere to an optimal risk management approach. Best regards, as always, from Nicola, and I wish everyone a good day of trading.
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