EURAUD daily setup:
- Price is within a daily descending channel and currently putting in a third touch of the upper boundary acting as resistance
- We have a daily Fibonacci setup with price currently below the 61.8 level which is confluent with the descending channel
- Price is also below the daily 200MA which is confluent with both the 61.8 fib level and descending channel
- We also have a head and shoulders reversal pattern in play on the weekly chart
- Target 1 is this years lows followed by fib extension levels
However last weeks candle did close very bullish so I will be watching price action carefully for a short entry
- Price is within a daily descending channel and currently putting in a third touch of the upper boundary acting as resistance
- We have a daily Fibonacci setup with price currently below the 61.8 level which is confluent with the descending channel
- Price is also below the daily 200MA which is confluent with both the 61.8 fib level and descending channel
- We also have a head and shoulders reversal pattern in play on the weekly chart
- Target 1 is this years lows followed by fib extension levels
However last weeks candle did close very bullish so I will be watching price action carefully for a short entry