Here is scenario to short EURAUD
Reasons
1. Support and Resistance - the pair have come up against intermediate resistance and moved away.
2. Wave structure - possible wave 3 completed.
3. Moving Average Cross - the short term moving averages have crossed to downside and price moved beneath both.
4. Fair Value - has price closer to long term averages (100/200) at 143.46
5. Divergence - bearish divergence , with price securing a higher high and momentum moving lower.
6. RSI - moved out of the Overbought zone and heading towards Oversold ( around 50 at the moment)
Entry - now
Stop - 1. Aggressive - at 10/20 mav cross =1.5005 2. Conservative - above resistance level at 1.5285
Targets 1. .382 Fib 2. .618 fib ( also the monthly S2) ......... :)
Reasons
1. Support and Resistance - the pair have come up against intermediate resistance and moved away.
2. Wave structure - possible wave 3 completed.
3. Moving Average Cross - the short term moving averages have crossed to downside and price moved beneath both.
4. Fair Value - has price closer to long term averages (100/200) at 143.46
5. Divergence - bearish divergence , with price securing a higher high and momentum moving lower.
6. RSI - moved out of the Overbought zone and heading towards Oversold ( around 50 at the moment)
Entry - now
Stop - 1. Aggressive - at 10/20 mav cross =1.5005 2. Conservative - above resistance level at 1.5285
Targets 1. .382 Fib 2. .618 fib ( also the monthly S2) ......... :)