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Euro / Australian Dollar
Short

EURAUD: Bearish Accumulation

By VasilyTrader
Updated
snapshot

EURAUD is trading in a strong bearish trend.
With a sequence of lower highs and lower lows the price keeps falling within a parallel channel.

For quite a while the price is stuck though.
on 1.56 level the price managed to set two equal lows.

To catch the next bearish wave, wait for a daily violation below the yellow zone.
It will trigger a bearish continuation.

Remember that while the price is trading above the underlined zone, it remain in accumulation stage and shorting that is very risky
Note
Check my new idea on AUDCAD:
AUDCAD: Trend Line Breakout Trade
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