EURAUD - Intraday - We look to Sell at 1.6530 (stop at 1.6570)
Majority of the initial daily gains being overturned. Trades with a bearish descending triangle formation. Trend line support is located at 1.6400. Risk/Reward would be poor to call a sell from current levels. The formation has a measured move target of 1.6025. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.6530, resulting in improved risk/reward.
Our profit targets will be 1.6400 and 1.6025
Resistance: 1.6530 / 1.6550 / 1.6750
Support: 1.6400 / 1.6343 / 1.6025
Majority of the initial daily gains being overturned. Trades with a bearish descending triangle formation. Trend line support is located at 1.6400. Risk/Reward would be poor to call a sell from current levels. The formation has a measured move target of 1.6025. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.6530, resulting in improved risk/reward.
Our profit targets will be 1.6400 and 1.6025
Resistance: 1.6530 / 1.6550 / 1.6750
Support: 1.6400 / 1.6343 / 1.6025
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