EURAUD - another 2618 setup
Just like EURUSD (see the link below) we have a classic 2618 setup on this pair. I did not give as much explanation on the requirements for this kind of setup here as it's already explained in the EURUSD post.
The current 0.618 retracement is stopped by a large support area that has now become resistance. In order to keep the chart easy to read it is not shown here, but if you squeeze the chart together you will see exactly what I mean.
Target 1 : previous lows
Target 2 : 1.272 extension of last move down
There is a potential 3rd target here where the 1.618 extension of the previous move down and the 1.414 extension of a larger move down align nicely (see red projections).
The current 0.618 retracement is stopped by a large support area that has now become resistance. In order to keep the chart easy to read it is not shown here, but if you squeeze the chart together you will see exactly what I mean.
Target 1 : previous lows
Target 2 : 1.272 extension of last move down
There is a potential 3rd target here where the 1.618 extension of the previous move down and the 1.414 extension of a larger move down align nicely (see red projections).
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