EURUAD: Still bearish, looking for short opportunities

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Most Forex majors are trading at important levels or in a range, although a few of them are pretty close to have a clear market condition, we must wait for the market to make its first move (before we start looking for trade opportunities).

On of the crosses that have been trading smoothly in a clear market condition is the EURAUD, I know there are not a lot of traders who focus on this one, but hey, if it has a good and clear market condition, and other aren’t as clear as this one, why not test the waters with this one…

Anyway, the EURAUD is in a bearish market condition, last week it broke an important long term support level, and its next support is more than 300 pips from where the market is trading right now:

EURAUD
EURAUD

This puts the EURAUD in a bearish market condition with short trades in play.

Here is my trading plan:

As long as the EURAUD keeps trading below 1.6032 I will be looking for short trade opportunities. All TP orders will be set above the next LT support level: 1.5647

All long opportunities will be ignored.

Trade Safe

Raul Lopez

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Raul Lopez

I've been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .