- EUR/AUD is overstretched to the downside and due a bullish correction.
- Bulls have a 50% man reversion in their sights ahead of the 61.8% Fibonacci retracement target.
- Bears seek a brak of a long term support structure.
Long Term Support Structure
The bears are held up ahead of a long term support structure although buy stop liquidity may be targetted before another impulse to the downside will be in play.
Bulls Target 1.6280 50% Fibo’
A daily doji confirms an upside bias and the overextension as the sellers dry up.
Bulls Target 1.6280 61.8% Fibo’
The buy stop liquidity is located in the make of break zone and ahead of the 61.8% Fibonacci retracement area.
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