EURAUD – Potential Sell Opportunity

Guest Post by Nicola Delic

The Euro after a slide against the Aussie Dollar making an attempt to correct higher. However, the trend is still down and we might witness more losses in EURAUD in the near term. There is a potential head and shoulders pattern forming on the 4-hours chart, which if turns out to be valid could set the pair for a downside move. Moreover, there is a chance of an A-B-C pattern formation, pointing more losses towards the 1.4300 support area.

In order to enter a sell trade I think we should wait for the EURAUD pair to break an important support trend line formed on the hourly chart.

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Technical Analysis

H4– Chart representing the Head and Shoulder pattern pattern and the possibility of the EURAUD pair heading towards 1.4300.

Entry:

H1– We can enter a sell trade once the EURAUD pair breaks and settles below the highlighted bullish trend line.

Target 1: 1.4600
Target 2: 1.4300
Stop Loss: Above 1.5070

Video Explanation:

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.