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FxWirePro: EUR/AUD short setup on 'Symmetric Triangle' breach

EUR/AUD chart - Trading View 

  • EUR/AUD is extending weakness for the 4th straight session, bias bearish.
     
  • The pair is extending break below daily cloud and 110-EMA.
     
  • 'Symmetric Triangle' breach has raised scope for further downside.
     
  • Technical studies support weakness. RSI is below 50, bias bearish.
     
  • Momentum studies are bearish. Scope for test of 61.8% Fib at 1.5808.
     
  • Upside remains capped at 110-EMA at 1.5917. Retrace above negates bearish bias.

Support levels - 1.5808 (61.8% Fib), 1.5742 (Feb 21st low), 1.5631 (76.4% Fib)

Resistance levels - 1.5917 (110-EMA), 1.5954 (5-DMA), 1.5972 (20-DMA)

Recommendation: Good to go short on upticks, SL: 1.5920, TP: 1.58/ 1.5745/ 1.57

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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