Sell below 1.4600. Stop low at 1.4690. Take profit at 1.4440.
Reason for the trading strategy (technically) :
We remain bearish below 1.4600 resistance (horizontal resistance, Fibonacci retracement, Bearish Engulfing Candle) for a drop to 1.4440 support (multiple horizontal support, Fibonacci projection).
Stochastics (21,5,3) has made a bearish exit signaling a bearish drop is in progress.
Reason for the trading strategy (fundamentally) :
The major news event today is the Euro-Zone ZEW Survey (Economic Sentiment). Up to 300 expert participants are asked about their six-months expectations concerning the economy, inflation rates, interest rates, stock markets and exchange rates in the Eurozone, Germany, Japan, United States, United Kingdom, France and Italy as well as their expectations concerning the oil price. A lower confidence value would be bearish for the EUR. Confidence has dropped to negative for the first time since 2013 and we expect a lower confidence value today which is in line with our bearish EURAUD view.
Reason for the trading strategy (technically) :
We remain bearish below 1.4600 resistance (horizontal resistance, Fibonacci retracement, Bearish Engulfing Candle) for a drop to 1.4440 support (multiple horizontal support, Fibonacci projection).
Stochastics (21,5,3) has made a bearish exit signaling a bearish drop is in progress.
Reason for the trading strategy (fundamentally) :
The major news event today is the Euro-Zone ZEW Survey (Economic Sentiment). Up to 300 expert participants are asked about their six-months expectations concerning the economy, inflation rates, interest rates, stock markets and exchange rates in the Eurozone, Germany, Japan, United States, United Kingdom, France and Italy as well as their expectations concerning the oil price. A lower confidence value would be bearish for the EUR. Confidence has dropped to negative for the first time since 2013 and we expect a lower confidence value today which is in line with our bearish EURAUD view.
EURAUD showing strong signs of reversal, remain bearish
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