EURAUD
We have run into support at the 0.59000 region, which aligns with the 71.00 % FIB, and on the lower time frames we have seen rejection of this area.
HOWEVER
We are are still in a down trend and to take a buy from this level will be trading against the trend. There is an opportunity to take a buy from this level but only if we can come back to the 0.59000 area to minimize the risk.
What I would like to see is price push up to the 1.60100 region and to sell with the trend, given we see price rejecting the zone and trend line. Otherwise a push through can confirm a good long trade.
HOWEVER
We are are still in a down trend and to take a buy from this level will be trading against the trend. There is an opportunity to take a buy from this level but only if we can come back to the 0.59000 area to minimize the risk.
What I would like to see is price push up to the 1.60100 region and to sell with the trend, given we see price rejecting the zone and trend line. Otherwise a push through can confirm a good long trade.
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