EURAUD downside extension
EURAUD is breaking below the rectangle and a falling trend line1.6000 for a downside extension to 1.5400. A confirmed continuation below this level is giving us a higher probability of the short trade entries to target 1.5400. A reversal here and a break above 1.5900 is now required for an upside reversal. The overall medium-term is downtrend but we need to see a confirmation break below 1.5700 for the upside extension. As long as the EURAUD is below 1.5900 there will be a downside extension possibility.
Note – We are inclined to short trade entries with the stop loss above 1.5700.
If you want to learn trading analysis and how to get to key trading levels like in this article register for Private Live mentoring with your trading evaluation.