EURAUD Daily S/R| Rising Channel| Price Action| Trend

Evening Traders,

Today’s analysis – EURAUD – breaking out of its rising channel where a deviation back is probable,

Points to consider,
- Price Action Impulsive
- Rising Channel Broken
- .618 Fibonacci objective
- Low Volume

EURAUD’s immediate price action is trading with an impulse sell, a deviation back into the .618 Fibonacci will allow for a short.

The Rising Channel is a brearish formation, increasing the probability of downside movement.

Price Action testing the .618 Fibonacci allows for a short entry if this trend is deemed bearish.

Overall, in my opinion, EURAUD is a valid short with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps,

Thank you for following my work

And remember,

“Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions” – Jack