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Trade Idea: EURAUD – Breaks Below Corrective Structure, ST Bearish | Sept 3
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EURAUD – Medium Term Corrective Structure Breaks, Bearish While Below (4hr chart)
Price Action Context
The EURAUD has been stuck in a medium term corrective structure for all of August between 1.6327 and 1.67-ish. However recently, the pair has folded below the corrective structure support and is now testing the 1.61’s. ST this puts bearish pressure on the pair and we’ll remain short ST while below this structure.
ST bearish, MT in large range between 1.5840 and 1.67.
Key Support & Resistance Levels
R: 1.6327, 1.67
S: 1.6057, 1.59
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