This seems to be a pair that is poised for a good move. This pair has been on the downward trend for quite sometime now and its a disappointment that we did not notice this pair earlier. A look at the weekly chart shows how much of a downtrend it has been for the past few weeks with not much of a correction so far. The daily chart shows that a major support for this pair at 1.81 has been broken this week after trying for 3-4 days. The daily chart also reveals that it is now at a small support at 1.8066. I expect the support to be broken and if it does get broken, the daily and weekly chart shows a clear move to 1.7650 without much of a support anywhere.
So, a clear break of 1.8066 should then lead to a drop of atleast 300 pips within 3-4 days. A good move is possible.
Hello Karthik, Thank you for your forecast. Though I kind of see a downtrend on weekly, daily and 8 hrly chart.. I don't have enough understanding to set my target limits and stoplosses. So based on your reviews, if EURAUD breaks 1.8066 (my chart currently stands at 1.8067) and it has the possibility of slipping upto 1.7650.. How about on the upper side ? If it goes up.. what would be the target profit for this ?
ReplyDeleteon the upper side, it can go upto to 1.8350-1.84...of course this wont happen in a day...might take 3-4 days...
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