Trend analysis on EURAUD leading to potential shorts
Updated
On the daily chart we see that price was being held and supported by the blue trend-line but more recently that support turned into resistance as price broke below the trend. Many traders make the mistake of trying to predict market behaviour and assume that (in this case) price would inevitably fall because of the recent retests of the trend and sometimes get caught by the market switching on them. For this reason I would suggest using the 5 & 10 EMA's as an entry confirmation tool upon the crossover to help prevent premature entries.
Let's see how this pair turns out by the end of the day.
Let's see how this pair turns out by the end of the day.
Trade closed manually
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