- EURAUD opens US trading below S4
- A bias towards lower lows remains under 1.4257
- A move above 1.4296 would signal a potential false breakout
Price began to immediately drop, and move
below trading range support at 1.4296. The end result was price
breaking out and now trading under the S4 support line found at 1.4257.
As price continues to move towards lower lows, breakout and trend
traders will look to take advantage of the currency pairs continued
downside momentum.
A move back above the S3 Camarilla pivot point, would signal
another price reversal for the day and an end to current market
conditions. At this point, breakout and momentum trading should be
concluded and traders can consider fresh entries with the markets new
influenced direction.
