EURAUD D1

- The trending market is a downtrend.
- This might be a trending market...as long it keeps bouncing from support and resistance line.
- A few days ago it was in consolidation and just recently it broke out for a sell.
- We can wait for the London/NewYork session to open, so one can see if it respects the current candle pattern.
- After all, a few days ago it demonstrated a bearish engulfing candle? Hmm.
- Needless to say, it has reached the first support level: 1.40226
- I believe it will sell towards the second support level: 1.37295 (assuming it passes the 1.39414 mark)
- Once 1.37295 it might possibly bounce back up...nevertheless we need to wait and see in the following days.


-Happy Trading-