EZ_Trading786

EZ_Trading786 Updated 

* Last week Bearish Engulfing Candle * Friday Bearish Engulfing Candle close below important neckline support of 1.6220 level * Price retracement to 61.8% Fib and important 1.6220 structure * Price below 200MA both on 4Hr and hourly chart * A good R:R ratio

EZ_Trading786

Although current trend appear to be bullish, the price seem to be losing momentum and meeting the following criteria: * Bearish Gartley * Previous Structure Resistance at 109.20-30 * RSI Divergence - Loosing Momentum

EZ_Trading786

Ideal short setup for EURAUD 1. Break of double top 2. Break of Ascending Channel 3. Retest of structure and 61.8% fib extension 4. Consolidation and break of consolidation 5. Test of structural break Now shaping up for a daily reversal ... T1: 1.5525, T2: 1.5275