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Trade Idea: EURAUD – Breaks Below Corrective Structure, ST Bearish | Sept 3

Chris Capre’s current live open price action and ichimoku trades: Silver, NZDJPY

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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.

Trending Analysis

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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