EURAUD – Very strong bearish condition
The EURAUD is trading in a very strong bearish market condition because of the following reasons:
– Last Tuesday it broke through 1.3975, a very strong daily support level
– The EURAUD never traded at these levels before (it is trading at historical lows)
– In the short term charts, it is trading below every important level
The question is, in the case we find a short signal, where should we set the next LT support level? I’m just going to use a 3:1 RR ratio, there is no way of knowing where the next level in the EURAUD.