Here is a technical Analysis for EUR/AUD on the 4hr. Overall on the daily and weekly chart the momentum has been towards the bulls however due to the volatility of this pip we are possible to also make gains on the bears of this market. Above the 1.62100 Dynamic Support and Resistance we have a head and shoulders formation. This is a signal that we could possibly be seeing a bearish movement in the market. A confirmation for this is the second shoulders is slightly lower than the first. Not only this but we also had an inside bullish trend line which has been retested above the S/R. In order to enter a Short here we are looking for a break of the dynamic support and resistance and a retest which will be our main entry point. from here we will be setting a 35 pip S/L above the S/R to limit the risk of losses in case this is a fake out. Finally our Targets for this trade are as follows:
TP1: 1.61300
TP2: 1.60500
TP3: 1.59000
TP1: 1.61300
TP2: 1.60500
TP3: 1.59000