EURAUD, DAILY CHART
Long or Short: short
Entry Point: 1.39999
Stop Loss: 1.42730
Profit Target: 1.32878
Trade Explanation:
Price formed a shooting star in the previous daily session closing at 1.40753 which has acted as a strong area of resistance in the past. Several black candles in the lower time frame(4hour) have been closing below its real body which convinces me that sellers are taking control of the pair.
Price level 1.32878 has acted as an area of resistance thus could provide support. It is also in line with 50% FIB level.
Stochastic indicator is leaving the overbought territory.