Good Evening Dynamic Traders
EURAUD has produced an indecision candle so far today. Price has tested the low and attempted to break the triangle, but is failing. What we have is the strong figure below, obviously proving to be a strong psychological barrier for price today.
We know in a good down trend, support levels are continuously broken, but we also know that trends do eventually come to an end and either consolidate before it's next move or takes a new direction. So will the 1.60 level halt price in it's current trend and reverse, or will price simply lose steam for a little while and then muster it's bearish strength to smash through this RN hurdle?
Patience and confirmation of a definitive move is certainly what's needed for an SM trade with this pair. As always please carry out your own analysis and judgment on this trade.
Have a good evening. Great trading!