**(EUR/AUD)**
EA on the daily has seen a recent pullback into the 61.8% fib from the end of Dec. high to the late Jan. low. It's more about the play at the moment, as there is a perfect tweezer top candle pattern on the daily, right at the 61.8% fib for March 6th and 7th.
I have identified a price acting as a shorter-term ceiling at 1.59822. By being patient, we can wait for a pullback to this price to then enter short to my bearish weekly target of 1.58 for approx. +182 pips of profit. Alternatively, we could see price fall straight through the zone in red at 1.5899, where we can hop in short to the target of 1.58 for +100 pips of profit.
Either way my bias is bearish. The only point at which it would change would be a break of 1.6 to the upside.
EA on the daily has seen a recent pullback into the 61.8% fib from the end of Dec. high to the late Jan. low. It's more about the play at the moment, as there is a perfect tweezer top candle pattern on the daily, right at the 61.8% fib for March 6th and 7th.
I have identified a price acting as a shorter-term ceiling at 1.59822. By being patient, we can wait for a pullback to this price to then enter short to my bearish weekly target of 1.58 for approx. +182 pips of profit. Alternatively, we could see price fall straight through the zone in red at 1.5899, where we can hop in short to the target of 1.58 for +100 pips of profit.
Either way my bias is bearish. The only point at which it would change would be a break of 1.6 to the upside.