EURAUD
Timeframe: 1 Hr
Short Day Trading Position
Initial Take Profit : 1.602 (to the nearest Higher Low)
TP2: 1.595 (Second Higher Low)
SL: 1.62 (Breaking the structure)
The pair is in an upward trendline since the beginning of the week. It broke the small trendline on the 30 minutes timeframe, then broke the 1 hour trend, and it is showing a potential downside...
The same idea with previous forecast. I plotted the overlap zone which reject wave 4 of a possible impulse wave. So, I determine this is a corrective wave.
The next question is DOES the wave end or not. This corrective wave reach near to 61.8% fibo level and did not overlap the 1st wave, price also bounced up .
Trading strategy: I assume that price is...