Friday, February 21, 2014

Eur Aud bearish outlook

After a strong bearish move from 1.5770 which started on 24th January of this year, breaking 1.5300 with high momentum and finally reversed with a bullish engulfing caldlestick formation at 1.5020.

The reversal started on 12th of February back to retesting 1.5300 ( a support terned resistance ) with a pin bar bearish reversal candlestick formation.

I expect a reversal from here with retracement to 1.5280 before the bearish movement starts. 

The target should be close to 1.5020 which should welcome price before it determines its next move. The stop loss will be about 5-10 pips above the pin bar.

This scenerio will become invalide if price broke the pin bar today or tomorrow with a high momentum to break 1.5300 upside to face 1.5550 and finally 1.5770, but this will take some time

Trade with caution and maintain proper management

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