EURAUD Short

This pair has made a nice push lower, finding support on and bouncing off of the 200 and 50 Day SMA. Price then rallied up to strong resistance on 1.6000, which is also the Fibonacci 618 retracement level. Thursday's candle close on this resistance showed us a strong bearish doji candle, while Friday gave us further confirmation with a bearish engulfing candle. We are looking to ride this bearish push lower, down to the 1.5700 support area.